what insurance is recommended for newborns?
- Thread starter anesha
- Start date
Evafantasy
Active Member
Mostly importantly, hospitalization plan and a child accident plan when my bb is born.
I will also be getting a plan that cover part of pregnancy and Bb complications and after my bb is born, I can transfer the policy to my bb.
I am not an insurance agent. Just that I am working in an insurance company and these are what I have seen when people buy for their bb or when mother are pregnant.
I will also be getting a plan that cover part of pregnancy and Bb complications and after my bb is born, I can transfer the policy to my bb.
I am not an insurance agent. Just that I am working in an insurance company and these are what I have seen when people buy for their bb or when mother are pregnant.
Hello, ppl who buy maternity related insurance and also for their unborn baby are typically trying to guard against maternity complication, do note that complication got many pattern and maternity specific policy does not cover every single kind of complication. As for the policy for the unborn bb, ppl buy it is because they scare their bb is born with certain birth defect and if they dun buy a policy now, most if not all insurance company will not sell policy to bb who have defect. Therefore buy one first to play safe, at least the bb have minimal insurance protection.
As for which one to buy if you are keen, i suggest you speak to your preferred and trusted insurance agent to help you.
may i ask how much is your policy on a monthly basis?
danieltongzh
New Member
Hi , I have 2 kids , daughter is 17 months and my son just turned 3months. Personally I am also a insurance agent from Prudential.
For me personally, most important will be the Shield Plan , which covers the hospitalisation. It is the cheapest and most affordable policy and at the same time the most important one in my perspective. Medical Bills in Singapore are very expensive, therefore having an enhanced shield plan which can cover the baby up to even private hospital is necessary. It can be paid for by using the Medisave and the cash portion will be only around 200+ per annum.
Secondly if budget allows, try to get an Limited pay Life Insurance for the child, because it is the cheapest when we buy at young age, and add riders which covers the critical illnesses. Usually can be bought when the baby is 30 days old.
Also an accident plan will be good too as it is very affordable and have the coverage of Medical reimbursement like sprain, cuts, injuries due to accident.
At young age usually it will be like less than $20 per month.
Lastly when financial allows can start an education endowment plan for savings purpose. However important thing to take note is but within your means and budget. Personally I will not recommend insurance to be more than 20% of your annual income, Best is around 10%-15% and Max at 20%.
If budget constrain, try to get Term Plan first instead of Life plan as it will be much affordable and when finances is better , then covert into life plan
If you have any more question , do feel free to ask me anytime I will be very happy to share. My contact number is 96719631