Insurance for coming baby

[kennygoh89]

Why not get a whole life plan for your kid with Guaranteed Insurability benefit, since it is still cheap to get a whole life for infants and make it a limited pay. And when he hits 21, gets married, give birth to a child or legally adopts a child, he can buy another whole life or endowment without underwriting?(subject to detailed T&C)
PM Me if you're interested to know more.
=)

 

[whiteil]

That will depend if you are open to the idea le. Lol

Like I mentioned previously, it is much cheaper to get a same coverage for a baby compared to someone in their 20s or 30s hence it will make more sense to get life plans for babies as a gift rather than you having to pay for them and get them to takeover at age 25 or so.

I second Nite's statement. When I first learnt of a baby's premiums and compared it to mine, I gek sim.

It'll be good to kickstart your baby's insurance planning by getting a plan with TPD/CI cover; no matter how small the amount is, at least it's something to fall back on. I've seen teenagers (yes, those that are "still young") getting exclusions left-right-center - not pretty.

As for getting a Whole Life or Convertible Term, I think it ultimately depends on your budget. But if getting the former, a limited pay plan might be a good idea. Yes, you have to pay more upfront in comparison, but imagine if you're a fresh graduate and the first thing your dad throws you is an insurance policy that you have to pay $X for the rest of your life...

Acutally, have you considered accident plans? IMHO, it is something that is equally (if not, more) important but is often overlooked.

Disclaimer: I'm not an agent. Just sharing thoughts from what I've seen/heard.

 

[laksa2003]

If you want to lockin term n ci at nominal price. .try ntuc LUV . The child can carry on his own name at grown up

 

[djchris]

I second Nite's statement. When I first learnt of a baby's premiums and compared it to mine, I gek sim.

It'll be good to kickstart your baby's insurance planning by getting a plan with TPD/CI cover; no matter how small the amount is, at least it's something to fall back on. I've seen teenagers (yes, those that are "still young") getting exclusions left-right-center - not pretty.

As for getting a Whole Life or Convertible Term, I think it ultimately depends on your budget. But if getting the former, a limited pay plan might be a good idea. Yes, you have to pay more upfront in comparison, but imagine if you're a fresh graduate and the first thing your dad throws you is an insurance policy that you have to pay $X for the rest of your life...

Acutally, have you considered accident plans? IMHO, it is something that is equally (if not, more) important but is often overlooked.

Disclaimer: I'm not an agent. Just sharing thoughts from what I've seen/heard.

Can you share how much does the premium for a baby's wholelife insurance look like? Just to get some perspective?

 

[Aerial86]

Can you share how much does the premium for a baby's wholelife insurance look like? Just to get some perspective?

Probably I can help in this. A client of mine who bought a 5yrs limited premium policy for his baby age 1 next birthday, Coverage $500k Death/TPD/CI, $225k Early CI for $7,422/yr.

Total outlay will be $37,110 to give the newborn coverage for life.

 

[sgdividends]

If you want to lockin term n ci at nominal price. .try ntuc LUV . The child can carry on his own name at grown up

Hi Laksa2003,

I did check it out. LUV is good but points to note is that if i buy it under my policy as a dependent, it covers till age 17 years old for him. I am not sure if he gets anything ( diabetes) within this 17 years, will he be able to carry on his own name thereafter with certain exclusions.

Assuming he is able to carry on thereafter under his own name with no exclusions, point to note is it doesnt cover NS related accidents.

On this 2 fronts, it faces the limitations of SAF aviva ( both group policies) and maybe worse off because it doesnt cover NS related accidents. I am also not an NTUC member which i heard is pretty useless except for the fact that u get NTUC linkpoints ( OCBC plus card can mitigate that and i visit other supermarkets too) and Limtan linkpoints( high brokerage fees to begin with compared with SCB and only frequent traders can really benefit) plus some other discounts which is common these days. So all in all, SAF aviva is superior to NTUC LUV as LUV premiums need to include additional NTUC membership fees as u must be a member first.

NTUC LUV also has this obvious clause that its premium is subjected to change to dont know what but SAF aviva Term i dont seem to find it, its premiums are black and white so i know what i need to pay ( though i know its possible they could change too)

AXA term protector with CI till age 65 for baby is what i am leaning towards as of now. Points to note, it is an accelerated benefits kind and no early CI.

I had a quote for myself ( age 35 till 65) 100K term/TPD/CI for a total LEVEL premiums of 664 per annum. ( Total premiums i would have paid till 65 is $19,920)This is very reasonable for me given that its premiums is gauranteed.( i called the call center for this).

A question, possible to pay one lump sum of premiums for AXA term protector instead of yearly? I understand that paying yearly is cheaper than paying monthly. Is paying 65 years in advance as one lump sum cheaper than paying yearly? ANyone has done such a thing before? I intend to gift baby insurance till he is 65.

 

[sgdividends]

Probably I can help in this. A client of mine who bought a 5yrs limited premium policy for his baby age 1 next birthday, Coverage $500k Death/TPD/CI, $225k Early CI for $7,422/yr.

Total outlay will be $37,110 to give the newborn coverage for life.

$37,110 total premium for $500k Death/TPD/CI with $225k Early CI.
No cash value right just protection? Accelerated or additional?

I have not asked about the premium for AXA term protector with CI for baby till age 65 yet.( no early CI)

Thanks Aerial86 for this, i can use it for comparison once i get the quotes

 

[Lifeessentials]

Premiums are usually non-guaranteed just in case claims experience go above what is projected. It is not a common occurrence but is there as a safeguard. SAF group insurance premium is also not guaranteed. Quote: "The prevailing premium rates listed in the table below are subject to change as negotiated by SAF/MINDEF"

 

[sgdividends]

Premiums are usually non-guaranteed just in case claims experience go above what is projected. It is not a common occurrence but is there as a safeguard. SAF group insurance premium is also not guaranteed. Quote: "The prevailing premium rates listed in the table below are subject to change as negotiated by SAF/MINDEF"

Thanks Life essentials, I overlooked this clause.

 

[Aerial86]

$37,110 total premium for $500k Death/TPD/CI with $225k Early CI.
No cash value right just protection? Accelerated or additional?

I have not asked about the premium for AXA term protector with CI for baby till age 65 yet.( no early CI)

Thanks Aerial86 for this, i can use it for comparison once i get the quotes

Hi, above stated is a limited whole life so there is cash value inside. Just that the plan will be paid up in 5yrs, giving the newborn the coverage for life.

Multiplier of 2.5x will drop at age 70 for this plan. All riders are accelerator, not additional. This can't be used as an Apple to Apple comparison as AXA Term protector is a term plan, whereas this is a life plan.

 

[pinkiefit]

Hi, if you are looking for whole life plan, here's 1 plan which coverage on death/CI/TPD.

1) Premium paying 20yrs thereafter coverage for life or age 99.
2) Sum assured of $300k.
3) Monthly around $130.

As for early critical illness, look no further. ManuCompleteCare is the one, as they payout the sum assured in single lump sum, not staggered payout. They also payout full sum assured for death event, other companies only pays a token amount ranging from $3k-$15k.For baby, it's about $50-$60/Mth for $100k coverage till age 65, it really depends on your perspective and budget. If got budget, get it, if you deem it as important, get it.

This is just an estimation as I do not know whether are u a smoker and age.

PM me if you want to understand more in details.

 

[NiteX2]

Hi Laksa2003,

I did check it out. LUV is good but points to note is that if i buy it under my policy as a dependent, it covers till age 17 years old for him. I am not sure if he gets anything ( diabetes) within this 17 years, will he be able to carry on his own name thereafter with certain exclusions.

Assuming he is able to carry on thereafter under his own name with no exclusions, point to note is it doesnt cover NS related accidents.

On this 2 fronts, it faces the limitations of SAF aviva ( both group policies) and maybe worse off because it doesnt cover NS related accidents. I am also not an NTUC member which i heard is pretty useless except for the fact that u get NTUC linkpoints ( OCBC plus card can mitigate that and i visit other supermarkets too) and Limtan linkpoints( high brokerage fees to begin with compared with SCB and only frequent traders can really benefit) plus some other discounts which is common these days. So all in all, SAF aviva is superior to NTUC LUV as LUV premiums need to include additional NTUC membership fees as u must be a member first.

NTUC LUV also has this obvious clause that its premium is subjected to change to dont know what but SAF aviva Term i dont seem to find it, its premiums are black and white so i know what i need to pay ( though i know its possible they could change too)

AXA term protector with CI till age 65 for baby is what i am leaning towards as of now. Points to note, it is an accelerated benefits kind and no early CI.

I had a quote for myself ( age 35 till 65) 100K term/TPD/CI for a total LEVEL premiums of 664 per annum. ( Total premiums i would have paid till 65 is $19,920)This is very reasonable for me given that its premiums is gauranteed.( i called the call center for this).

A question, possible to pay one lump sum of premiums for AXA term protector instead of yearly? I understand that paying yearly is cheaper than paying monthly. Is paying 65 years in advance as one lump sum cheaper than paying yearly? ANyone has done such a thing before? I intend to gift baby insurance till he is 65.

Sorry for the late reply. It is not possible to pay in one lump sum for future premiums for term plans. It is possible to do so if it is wholelife plan though. I will send you quotes for your comparison purposes separately

 

[xsilkx]

Hello.

I have pm you about varies of costs which I think you might be interested to know. This includes the early CI term plan, which I think you are looking for.

Do drop me a message if you need more further information.

Thank you

 

[luei74]

Bookmarked..

 

[cookieemonsterr]

I am keen on getting one as well.

While I know hospitalization plan is the most important, I am thinking if i should also get a term plan at least until 30?

Out of all hosp plans for newborns, is AIA the best? The only one with no waiting period for congenital problems? Can I verify if this is indeed true because it is a dealbreaker for me. I guess it still comes with the standard 90 day no claims period. But if congenital issues are detected within any time frame from birth, claims can still be made for hospitalization? Thank you.

Also my intention of getting a term is more to cover for tpd and eci/ci just in case there are peripheral costs (hiring helper, other costs, quitting job to take care etc).

Appreciates any advise thanks!

 

[tangent314]

A newborn has no dependents, so purchasing a life insurance isn't really necessary. You may be able to find CI-only term plans without being forced to purchase term life, but you should first consider if you really need coverage for peripheral costs. Insurance should cover catastrophic events that will critically cripple your finances. Hiring a helper I would say would hurt your finances a bit, but unless you are on low wages, it should still be affordable, so it may not be necessary to insure for that.

 

[exterminazn]

A newborn has no dependents, so purchasing a life insurance isn't really necessary. You may be able to find CI-only term plans without being forced to purchase term life, but you should first consider if you really need coverage for peripheral costs. Insurance should cover catastrophic events that will critically cripple your finances. Hiring a helper I would say would hurt your finances a bit, but unless you are on low wages, it should still be affordable, so it may not be necessary to insure for that.

I believe what cookie monster means getting term insurance for himself

 

[DOINK1]

A newborn has no dependents, so purchasing a life insurance isn't really necessary. You may be able to find CI-only term plans without being forced to purchase term life, but you should first consider if you really need coverage for peripheral costs. Insurance should cover catastrophic events that will critically cripple your finances. Hiring a helper I would say would hurt your finances a bit, but unless you are on low wages, it should still be affordable, so it may not be necessary to insure for that.

I totally agree with you on this. Newborn with no dependents, there's no point purchasing life or term insurance even though it's cheap for young age.

I bought for my daughter hospitalization insurance with claims for pre and post operations 100 days medical checkups and star protection plus (For HFMD / dengue etc) from AIA. So far so good.

 

[BBCWatcher]

I bought for my daughter hospitalization insurance with claims for pre and post operations 100 days medical checkups and star protection plus (For HFMD / dengue etc) from AIA.

The pre-/post-hospitalization coverage window in an Integrated Shield plan is quite important, in my view. The best in class plans cover 180 days pre-hospitalization and 365 days post-hospitalization, with one plan going as far as 13 months/13 months for select medical providers.

Medical checkups, Hand Foot and Mouth Disease.... Not important from an insurance point of view. If the insurance company is tossing in those bits of fluff free of charge (and the policy is otherwise competitive), great, but it probably isn’t.

 

[aarontansp]

Spend zero money on my children.

Why?
Both of them are covered for hospitalization FOC until they are 21 years old as my wife and I on aviva plans.
Any visits to govt / GP / specialists / restructured, are covered by company.


Better, to invest the money spent on building up their education funds and housing.