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Becoming a parent is indeed a life-changing experience. Suddenly, your days and nights are spent fretting over this tiny human who is now the center of your world. One of the biggest concerns that any parent would have is the cost of raising a child. And, with rising inflation, no amount of savings can truly be claimed to suffice.
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3 Types of Insurance Your Newborn Baby Needs Becoming a parent is indeed a life-changing experience. Suddenly, your days and nights are spent fretting over this tiny human who is now the center of your world. One of the biggest concerns that any parent would have is the cost of raising a child. And, with rising inflation, no amount of savings can truly be claimed to suffice. This is where insurance steps in to help. A sturdy insurance portfolio will have your back no matter what expenses you come across in caring for your baby. All that you need to do is choose the right types of insurance to fit in this portfolio. Are you now wondering what coverage is appropriate? Read on to learn about the 3 types of insurance suited for new-born babies in Singapore.
Newborn health insurance • Parents who are expecting must sign up for newborn health insurance even before their child is born. This type of insurance secures your little one from the moment they enter this world. A good newborn insurance policy is usually bundled with a maternity insurance plan. It offers coverage against several congenital diseases such as Down’s Syndrome, Cerebral Palsy, and Spina Bifida, among others. The newborn health insurance plan should also offer you a percentage of sum assured per day in case the baby is hospitalised for health complications such as pneumonia and premature birth.
Health insurance • Your baby would automatically receive some health coverage under MediShield Life. However, this would limit the treatment expenses to certain types of wards in public hospitals - B2 & C class wards. Having an option to opt for ‘A’ ward or private hospitals can help provide ease of mind, if your finances allow for it. These plans will cover expenses in higher ward classes in bothprivate and restructured hospitals. • Remember that children have a weak immune system and are prone to falling ill quite often. Thus, you might end up making a trip or two to the hospital for medical assistance. If the doctor chooses to admit your baby, even a few days in hospital can gnaw at your savings. So, it does makes sense to invest in health insurance and let your policy pick up the big bills.
Personal accident insurance • It might sound strange to ask a parent to get their baby insured with a personal accident insurance plan. Afterall, the newborn is sheltered at all times, what could possibly go wrong? Yet, a personal accident insurance plan does much more than simply cover you against actual accidents and mishaps. This insurance plan can comprehensively cover your baby from a number of infectious diseases such as dengue fever and hand, foot, and mouth disease which are pretty common among children. • Your baby is truly the most precious person in your life and you would want only the best for them. Do speak with a trusted insurance advisor and select a new-born insurance plan best suited to your budget and coverage needs. we hope this article will be helpful in guiding you.
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