It is primal instinct to want to protect your child with your life. There will be things you wish you could secure your child from but will be out of your control. Insurance is a vital asset you would want to set up for your child’s life. Here are several parents on what they believe are the most important areas to consider when picking a plan.
Unanimously, parents agree that health insurance is a priority with personal accident, hospitalization and early critical illness coverage at the very least and as soon as possible. Every Singaporean newborn is covered under the MediShield Life plan, however, only at a basic level. Most of your hospitalization and treatment will come out of your pocket. Your tot is the most vulnerable at the early stages of their life and will be prone to illness. Great Eastern’s GREAT SupremeHealth Insurance is a private integrated shield that provides enhanced coverage on medical bills. The plan along with the optional GREAT Total Care rider, 95% of your net medical bills are covered.
Part of life proofing your child involves preparing them for independence. A head start on their financial independence will mitigate future burdens especially when it comes to paying for education. One avenue to hedge against future liability like student loans, is an insurance package with an accompanying endowment plan. Several insurers have short-termed endowment plans that offer an alternative way to grow your savings. Long-term plans can help to build a fund for your child’s milestone expenditures.
Here is a starter list of endowment plans to consider:
- DBS SavvyEndowment 4
- Manulife Goal 7
- LIC Grow Smart Endowment Plan
- GREAT SP Series 2
- NTUC Income Gro Capital Ease
Of most importance, is your own protection and coverage. Following the same principle of strapping the oxygen masks on yourself before your child on a flight, you will not be in the capacity to take care of your child if you yourself were unaccounted for. Most parents understand the increased value of their own lives once someone else’s is dependent on them. Most would hence upgrade their plans to provide themselves with greater coverage upon discovering that they were going to raise children. Great Eastern’s GREAT Life Advantage offers flexible coverage without the hassle of renewing plans and having to pay higher premiums. A bonus feature is the Child Cover Benefit of $20,000 at no additional cost.