Insurance for newborn

[MaoZeDuo]

All shield plans pass. I like to think Pru's shield plan is rather attractive now.

I would like a small SA limited pay life plan for my children
I would like to buy a larger SA early stage illness plan for my children
(I don't have any children at the moment)

Give yourself a chance to meet another 1-2 different agents if you have the time. Pretty sure you will see a difference in personality, work ethics and knowledge.

gotch kids can buy aviva is cheaper overall cos of free for te children inclu co insurance

 

[pew]

gotch kids can buy aviva is cheaper overall cos of free for te children inclu co insurance

Read fine prints...

 

[terryhoho]

with all due respect to all insurance agents.

TS getting Life insurance for your baby is quite non-economical.
Purpose of life insurance is to cover for your baby's dependent financial position for a LIMITED TIME after his death. Are you depending on your new born financially? lol

 

[Saj.Mahal]

with all due respect to all insurance agents.

TS getting Life insurance for your baby is quite non-economical.
Purpose of life insurance is to cover for your baby's dependent financial position for a LIMITED TIME after his death. Are you depending on your new born financially? lol

Maybe you don't understand parents mentality.

There are many parents who have the ability to afford a small plan for their children. And it's a gift to them, a gift of love.

Further, majority of young people will prioritise savings and investments before life insurance. So, this would help in some way or another.

Anyway, like I mentioned in my earlier post. For me, I surely would take up policies for my kids. Of course, not everyone will agree, but that's ok

 

[Shiny Things]

Maybe you don't understand parents mentality.

There are many parents who have the ability to afford a small plan for their children. And it's a gift to them, a gift of love.

What the insurance salesmen never tell you is that if you want to "give your kids a gift of love", or "save up for your child's education", you'll do a lot better by sticking that money in a bond fund (or even a stock index fund!) for 21 years. The difference goes straight to lining the salesman's pockets.

And here's a fun fact - buying life insurance for your kids is a ripoff. There's a thing called the Gompertz-Makeham Law of Mortality that says, very roughly, that if a child survives to age 1 they'll survive to age 61.

The chance of your kid dying before the age of 21 is something like one-one-hundredth the chance of them dying after the age of 61. The insurance companies know that - that's why they market so hard to young parents, and why they say "oh my god you must buy insurance for your kid or they'll grow up hating you and probably turn into a dope-smoking tree-hugging penguin-shagging free-love hippie who will disappoint you and your family". Insuring kids is basically free money for insurance companies, and they know this - they're just exploiting your sense of parental guilt.

(Incidentally, William Makeham and Benjamin Gompertz, the people who the law's named for, were both life insurance actuaries in nineteenth-century England. You might not know what Gompertz-Makeham is, but you can bet that Aviva and Prudential know it intimately.)

 

[PRUbombz]

What the insurance salesmen never tell you is that if you want to "give your kids a gift of love", or "save up for your child's education", you'll do a lot better by sticking that money in a bond fund (or even a stock index fund!) for 21 years. The difference goes straight to lining the salesman's pockets.

And here's a fun fact - buying life insurance for your kids is a ripoff. There's a thing called the Gompertz-Makeham Law of Mortality that says, very roughly, that if a child survives to age 1 they'll survive to age 61.

The chance of your kid dying before the age of 21 is something like one-one-hundredth the chance of them dying after the age of 61. The insurance companies know that - that's why they market so hard to young parents, and why they say "oh my god you must buy insurance for your kid or they'll grow up hating you and probably turn into a dope-smoking tree-hugging penguin-shagging free-love hippie who will disappoint you and your family". Insuring kids is basically free money for insurance companies, and they know this - they're just exploiting your sense of parental guilt.

(Incidentally, William Makeham and Benjamin Gompertz, the people who the law's named for, were both life insurance actuaries in nineteenth-century England. You might not know what Gompertz-Makeham is, but you can bet that Aviva and Prudential know it intimately.)

Statistically, it may makes sense not to buy. But if everyone thinks that way, what will happen to the one-one-hundredth person that got diagnosed with cancer? I personally already know afew that below age 30, has conditions like skin cancer, Leukemia, breast cancer.

IMO, its not really about the odds of getting such illnesses. But the question of WHAT IF you are the one in a hundred thousands or even million that got it. Can you bare the consequences of being uninsured? Will you be able to foot the huge hospital bills that may follow? Do you want the best available treatment out there to give yourself or your loved ones the highest chance of survival?

 

[chaotank]

Statistically, it may makes sense not to buy. But if everyone thinks that way, what will happen to the one-one-hundredth person that got diagnosed with cancer? I personally already know afew that below age 30, has conditions like skin cancer, Leukemia, breast cancer.

IMO, its not really about the odds of getting such illnesses. But the question of WHAT IF you are the one in a hundred thousands or even million that got it. Can you bare the consequences of being uninsured? Will you be able to foot the huge hospital bills that may follow? Do you want the best available treatment out there to give yourself or your loved ones the highest chance of survival?

This is off topic. Newborn does not need insurance coverage.

Wrt your post, hospital bills are paid for with upgraded shield plans. This solves most of the problems that you had raised.

Insurance is used to cover for our liabilities. Take care of things when we are dead or income replacement if we are sick.

If you are able to claim from a CI plan, it would mean you are in the later stages of the sickness aka almost dead. Perhaps 1-2 years of income replacement would suffice to tide your family over when you undergo treatment. In the event that one recovers from it, they can always resume work.

Early stage CI plans are too damn expensive, the money could be better used elsewhere.

And of course you'll know a few people who kena all the illnesses when they were young, you work in the insurance industry. It's likely that these cases are hearsay from colleagues too. (Put a few dozen agents together, it doesn't take much to figure out you'd have a higher probability of being exposed to stories of tragic cases.)

Insurance is in essence, a transfer of risks, it is good to transfer some of it to another entity, just don't over do it.

Let's end off with a quote from wiki,

In United States, economists and consumer advocates generally consider insurance to be worthwhile for low-probability, catastrophic losses, but not for high-probability, small losses. Because of this, consumers are advised to select high deductibles and to not insure losses which would not cause a disruption in their life. However, consumers have shown a tendency to prefer low deductibles and to prefer to insure relatively high-probability, small losses over low-probability, perhaps due to not understanding or ignoring the low-probability risk.

 

[PRUbombz]

This is off topic. Newborn does not need insurance coverage.

Wrt your post, hospital bills are paid for with upgraded shield plans. This solves most of the problems that you had raised.

Insurance is used to cover for our liabilities. Take care of things when we are dead or income replacement if we are sick.

Like you say, shield plan solves most of the problem. But like you agree as well, it does not solve all.

Yes, critical illness coverage is meant for income replacement which new borns do not require. But if you are not aware, hospitalization plan does not cover every treatment and medication out there. Hence, I mentioned that if you want the best available treatment out there for your kids, which a parent normally does, it would be ideal to have some coverage there so that you have the OPTION to try such treatment if the standard treatments/medications isn't improving the condition. You don't need to spend loads of premium into the coverage.

For $489 a year premium, to cover your child for $100,000 early critical illness coverage, with a term of 75 years. Is it expensive? To some it probably is. But to another group of people, they will be more than happy to do it for a piece of mind. I would.

And just to highlight your assumption on those cases I mentioned that they diagnosed with conditions. I already said I personally know these people (to be specific, 3 cases). As you grow older, there is no way you won't know anyone that got sick. But thank god these friends I know are still well and alive.

Anyway, different people have different perspective about this matter. I'm just bringing out some questions that can put yourself into thinking about the WHAT IFs. End of the day, its important to be well informed before making life decisions like this.

 

[edmund123]

I am inclined to get a limited whole-life pay plan for my newborn. Reasons:
1) cheaper premium
2) lower risk of exclusion
3) payment liability ends at a young age for the baby,and able to enjoy full life coverage
4) if cash is needed at a later stage, the plan can be liquidated for cash (possibly with gains from the guaranteed surrender cash and accumulated bonus)

makes sense?

PM sent!

 

[edmund123]

Hi,

I have a newborn baby and have taken enhance shield from GE for hospitalisation cover.

Now I am thinking of getting life and CI insurance for my baby.

Any recommendation from new parents here?

Thanks

PM Sent!

 

[Saj.Mahal]

Oh god, I'm going to spew. What mawkish crap.

What the insurance salesmen never tell you is that if you want to "give your kids a gift of love", or "save up for your child's education", you'll do a lot better by sticking that money in a bond fund (or even a stock index fund!) for 21 years. The difference goes straight to lining the salesman's pockets.

And here's a fun fact - buying life insurance for your kids is a ripoff. There's a thing called the Gompertz-Makeham Law of Mortality (Gompertz) that says, very roughly, that *if a child survives to age 1 they'll survive to age 61*.

The chance of your kid dying before the age of 21 is something like one-one-hundredth the chance of them dying after the age of 61. The insurance companies know that - that's why they market so hard to young parents, and why they say "oh my god you must buy insurance for your kid or they'll grow up hating you and probably turn into a dope-smoking tree-hugging penguin-shagging hippie who will disappoint you and your family". Insuring kids is basically free money for insurance companies, and they know this - they're just exploiting your sense of parental guilt.

Exactly my point, you don't understand that it is a gift. We are not dependant on our newborns for income, but, I would still get my son or daughter a limited pay WL plan and an Early stage illness plan. I'm happy my parents got me 2 policies when I was much much younger. I intend to do even more for my own children.

Motivation isn't guilt, but love.

Edit: In other words, I'd get my kids insurance because I want to, not because i'd feel bad if I didn't.

 

[pew]

Exactly my point, you don't understand that it is a gift. We are not dependant on our newborns for income, but, I would still get my son or daughter a limited pay WL plan and an Early stage illness plan. I'm happy my parents got me 2 policies when I was much much younger. I intend to do even more for my own children.

Motivation isn't guilt, but love.

Edit: In other words, I'd get my kids insurance because I want to, not because i'd feel bad if I didn't.

There are certain things people won't understand unless they are parents themself.

Anyway OT a little...for a newborn, $25 per month for $100, 000 critical illness protection and premium does not increase with age.
This amount is probably loose change to many of you big time investors here. But when Murphy comes knocking your door, 100k will come in handy I believe.

 

[sunrise_1]

thinking of getting vivocare for my newborn, are there any comparable products and premium from other insurer to vivocare?

 

[Panerex]

thinking of getting vivocare for my newborn, are there any comparable products and premium from other insurer to vivocare?

on the contrary, i am currently exploring Tokio Marine Legacy Plus series because i like their Min Benefit feature.

H&S wise, i am still thinking...

once the above 2 are settled, then i will explore on the Personal Accident (that covers HFMD, Food Poisoning and Dengue).

 

[sunrise_1]

on the contrary, i am currently exploring Tokio Marine Legacy Plus series because i like their Min Benefit feature.

H&S wise, i am still thinking...

once the above 2 are settled, then i will explore on the Personal Accident (that covers HFMD, Food Poisoning and Dengue).

are you refering to TM LP+ with earlycare rider? what are the benefits n premiums compare to vivocare?

 

[PRUbombz]

on the contrary, i am currently exploring Tokio Marine Legacy Plus series because i like their Min Benefit feature.

H&S wise, i am still thinking...

once the above 2 are settled, then i will explore on the Personal Accident (that covers HFMD, Food Poisoning and Dengue).

I strongly urge you to explore Prudential new product, PruLife Multiplier. The multiplier benefit applies to all Death/Tpd/CI benefit. Very affordable premium too.

 

[Panerex]

are you refering to TM LP+ with earlycare rider? what are the benefits n premiums compare to vivocare?

nope, not early care rider...only the usual CI rider.

 

[mrboomba]

Minimum Age to get Hospital plan for baby

Found this thread while doing my research, not sure if anyone will reply me through this old thread. Does anyone have any idea what is the minimum age for a newborn to get a hospital and personal accident plan? 15 days? 30 days? The day from birth?

 

[BBCWatcher]

You can sign a newborn up for an Integrated Shield plan to start as early as age 15 days.