14/06/2021
Singaporean children are fortunate to have basic MediShield Life upon birth. However, does that mean they don’t require other insurance?
What are some benefits of purchasing additional coverage?
Insurance can help cover financial loss if a child is unfortunately diagnosed with a serious illness such as cancer. This would usually result in one parent becoming a full time caregiver. In this climate where many families are on dual income arrangement, the potential loss of income can be covered by insurance.
Lock up your child’s health status by ensuring coverage if they’re born healthy and without any congenital disorders. As your child get older, there might be a need for additional premiums, exclusions or even rejections if your child develops a condition as they grow older.
Another benefit or starting early is having lower premiums due to your child’s age. As plans have evolved and now have limited payment term options and the possibility of fully funding the policy before your child starts working, it’s one of the best gift you can give as parents.
In the event there’s a few remaining years of premium, it’s an easier plan for your child to take over.
If you’re planning to place your child in infant care/ playgroup, Accident policies will be especially helpful in case of HFMD or gastrointestinal disease.
Lastly, plan for your child’s education and potentially your retirement with endowment policies or ILP.
