Here's a look at what plans to buy, why and when.
SINGAPORE - The conventional wisdom is for people to start young when getting insured as it could cost too much to do so after they develop conditions, when one could even become uninsurable.Because that bundle of joy can also be a bundle of bills. Some may not think insurance necessary, but unless one is able to pay out of pocket for surprise hospital bills ranging in the tens of thousands, insurance offers a cushion of sorts against such financial setbacks.
Broadly, there are three different types of insurance to consider: An Integrated Shield Plan, which is an optional upgrade by private insurers of the basic MediShield Life component run by the Central Provident Fund Board; one that covers critical illnesses; and one for personal accidents. Ms Irma Hadikusuma, chief marketing and proposition officer at AIA Singapore, encourages parents to buy insurance for their children before they are born, because doing so after birth means they will be subject to underwriting.
“They should plan with the same consideration as with their first pregnancy. While the mother is confident of her health and is fine, the first 14 days for the baby are a really big question mark,” he says, adding that the most common neonatal condition is jaundice. Mr Lim says: “In terms of postnatal insurance, we observe that more parents stop there, when their baby comes out healthy and they plan to do an insurance review for their family later. We encourage customers to buy a whole life plan for their child as early as possible, while they are still healthy.”
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