Insurance for your child – should you get it?

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Insurance

Life Insurance for Children – Do they really need it? | GEN ...

Many like myself, grew up without insurance and still turned out completely fine! But this being said, we can’t exactly predict the future, this is probably why many parents opt to purchase at least a health and accident insurance for their child.

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Health Insurance

MediShield Life covers children from the moment they are born, but many parents still want to ensure that everything is in proper order with integrated shield plans. For instance, an integrated plan covering your child for class A wards in restructured hospitals would cost $130 in Medisave and $70 in cash (for premiums) each year.

$200 a year to ensure your child has the proper treatment and facilities in the case of unfortunate circumstances? Because of the value this safety net brings, many parents choose to opt for it

Kids Protect Personal Accident Plan | DBS Singapore

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Personal Accident Insurance

Children are simply just more accident-prone. This is why personal accident insurance plans are extremely important when a child is young, more accident prone and easily injured. The cost for a personal accident plan would be pretty similar to a child’s health insurance, at about $200 per year.

Is it worth the money?

Total Spent on Insurance = $400 each year

Over a span of a year, parents would see about $400 being spent on their child’s insurance plans. Some of these children go through their first few years without ever having to use it, does this mean that parents should think about saving money spent on insurance?

These insurance policies have always been a safety net that shields parents from enormous costs of unforeseen and unexpected health and treatment bills that many parents just cannot afford to take on while financing their everyday necessities, home and the cost of raising a child. Although there may a good chance you may never have to utilise these policies, $400 is an extremely small price to pay for the “what ifs” that could cost up to tens of thousands.

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