Insurance for your toddler

[Wryer]

Was initially torn between posting or the financial subforum. But decided to leave it here for a more relevant crowd.

What have you bought for your child as insurance? Im reviewing my family's insurance, and honestly I believe most insurance are good, but not all are relevant. The slippery slope is to overinsure without a clear agenda in mind.

This is what I have for my son (coming to 2yo).

NTUC private shield with 100% rider and child illness rider - Necessity imo.
Aviva Mindef GTL/CI/ECI/PA. - Not necessity, but cheap so why not.

Most recently I am looking into children specific accident plans as well as life insurance. The latter is hideously expensive.

Your thoughts and what have you covered for your child?

 

[giraffey]

Was initially torn between posting or the financial subforum. But decided to leave it here for a more relevant crowd.

What have you bought for your child as insurance? Im reviewing my family's insurance, and honestly I believe most insurance are good, but not all are relevant. The slippery slope is to overinsure without a clear agenda in mind.

This is what I have for my son (coming to 2yo).

NTUC private shield with 100% rider and child illness rider - Necessity imo.
Aviva Mindef GTL/CI/ECI/PA. - Not necessity, but cheap so why not.

Most recently I am looking into children specific accident plans as well as life insurance. The latter is hideously expensive.

Your thoughts and what have you covered for your child?

for a child, the only necessity is the shield plans.

For PAs, you can consider especially if yours or spouse company insurance does not cover the child's outpatient. There are also PA plans that give free child cover when both husband and wife have a plan.

Aviva SAF is only good for its term life insurance. Life insurance is only useful if the person has dependents. So, it woulf not be useful for a child. Wholelife insurance can be considered to lock down the cheaper premiums for your child.

CI/ECI would not be necessary for a child since the shield plans already cover the hospitalisation. These plans are considered a luxury (premiums are high vs value) even for working adults.

You may consider disability insurance for yourself and spouse which protects any loss of income in the event of a disability. Could be a useful insurance for those with young families.

 

[xtwis7]

Having a 10 month old who was hospitalised for Kawasaki Disease a few mths back, there will always be some decisions that we looked back and said luckily we did that.

Private shield + rider is absolutely non-negotiable. Her 9-day stay in KK was $17k. Enough said about that.

For PA plans that cover minor accidents, HFMD, Dengue, Food Poisoning etc, I will always recommend Sompo’s PA Junior. They’re one of the best on the market.

For their life insurance coverage, it’s really how much emphasis parents wish to place on ensuring their child gets the best possible care in event of any CI/ECI.

Don’t forget once you become a parent, you also have additional liabilities so don’t just focus on your child but you and your spouse are equally important.

Was initially torn between posting or the financial subforum. But decided to leave it here for a more relevant crowd.

What have you bought for your child as insurance? Im reviewing my family's insurance, and honestly I believe most insurance are good, but not all are relevant. The slippery slope is to overinsure without a clear agenda in mind.

This is what I have for my son (coming to 2yo).

NTUC private shield with 100% rider and child illness rider - Necessity imo.
Aviva Mindef GTL/CI/ECI/PA. - Not necessity, but cheap so why not.

Most recently I am looking into children specific accident plans as well as life insurance. The latter is hideously expensive.

Your thoughts and what have you covered for your child?

 

[chopra]

shield only

invest on ur own. google shiny things

 

[FortAir]

I think you can consider getting a WL plan and a education saving polices. Always good to start young tho

 

[Baroness]

I got a WL with those multiplier effect. Plus the usual hospital plans and saf term plan

 

[natas]

Both kids under shield....

 

[bethpapa74]

I am with GE for both my kids ... paid ~$1250 PA ($950 cash+ $300 medisave) for each for
- GE supremenhealth
- GE total shield
- Junior protector plus

honestly speaking ... I do not know what am I paying for.
Is this normal??

 

[edmwing]

Similar to TS, I have NTUC private hospital plan for my kid + Aviva Mindef GTL/CI/ECI/PA.

 

[evets]

Was initially torn between posting or the financial subforum. But decided to leave it here for a more relevant crowd.

What have you bought for your child as insurance? Im reviewing my family's insurance, and honestly I believe most insurance are good, but not all are relevant. The slippery slope is to overinsure without a clear agenda in mind.

This is what I have for my son (coming to 2yo).

NTUC private shield with 100% rider and child illness rider - Necessity imo.
Aviva Mindef GTL/CI/ECI/PA. - Not necessity, but cheap so why not.

Most recently I am looking into children specific accident plans as well as life insurance. The latter is hideously expensive.

Your thoughts and what have you covered for your child?

shield plan is definitely the first plan to take, took advantage of the free 1 year from the baby bonus bundle.

took a whole life too - aint cheap but shouldn't be that expensive of premium for same sum assured if taken as a young adult.

 

[Project_Xco]

Take a look at the school insurance too. It covers PA at school.

 

[shamer]

Anyone knows if got pre delivery insurance coverage for yet to be born child?

 

[chehjin]

Anyone knows if got pre delivery insurance coverage for yet to be born child?

U mean complications? Check out manulife GE or AIA.

 

[Del_Luna_moon]

Anyone knows if got pre delivery insurance coverage for yet to be born child?

Check maternity Insurance.

 

[Del_Luna_moon]

I am with GE for both my kids ... paid ~$1250 PA ($950 cash+ $300 medisave) for each for
- GE supremenhealth
- GE total shield
- Junior protector plus

honestly speaking ... I do not know what am I paying for.
Is this normal??

Why don't you ask your agent ? Is important to know why and what you are paying for.
If you want to lower down your costs, You may want to look into the possibility of lowering the sum assured and other benefits for your kids PA plans.

 

[Del_Luna_moon]

My two kids have :
Investment link plan X 1
Whole life plan with multiplier X 1
Shield + rider covered for private hospital 100% X 2
Personal Accident plan
(family package buy for hb&wife foc for kids)

 

[JetStorm]

My kid only has 3. Aviva shield plan for govt A ward. Sompo Accident plan under my wife that covers kids. Axa limited pay multiplier 25k x 6 life plan that cover eci.

Sent from Samsung SM-G950F using GAGT

 

[Polar Bear King]

Was initially torn between posting or the financial subforum. But decided to leave it here for a more relevant crowd.

What have you bought for your child as insurance? Im reviewing my family's insurance, and honestly I believe most insurance are good, but not all are relevant. The slippery slope is to overinsure without a clear agenda in mind.

This is what I have for my son (coming to 2yo).

NTUC private shield with 100% rider and child illness rider - Necessity imo.
Aviva Mindef GTL/CI/ECI/PA. - Not necessity, but cheap so why not.

Most recently I am looking into children specific accident plans as well as life insurance. The latter is hideously expensive.

Your thoughts and what have you covered for your child?

absolutely nothing for my 3 cubs
when they get ill i bring them to see dr get meds to take MC to rest
major illness that time went to hospital stay A class also self pay one
don't believe in any health insurance at all
doesn't protect anyone from falling ill at all

 

[mummy1234]

I only recently bought private hospitalisation plan for my kids as basic medishield has limits and does not cover immunotherapy which is important new form of treating cancer and expensive....

Also have a S$180 a mth NTUC Ideal Plan as a way of saving for my kids university. A kind of mthly unit trusts with DCA and min insurance...so far fairly decent returns as recent market was up...must redeem when market is up....

 

[kuang89]

For kids, need Shield for sure as many has mentioned
https://www.theastuteparent.com/2019/09/best-shield-plan-for-newborn-baby/


Have blogged about this recently, not only because I am an independent advisor and able to distribute them, but because I also doing research for my now-4 month old baby.


Saw some people suggesting term, thats like getting payout if the assured passes away, that is doesn't fulfill a good objective tbh.



Instead, you need a Whole Life plan with Early Stage Critical Illness Rider, the main thing is it is cheap to buy younger and more importantly, if unfortunately kid diagnosed with Early Stage Critical Illness, one or both parent may need to resign from work temporarily to take care of kid. So the payout from kid's Early Critical Rider will help tide over financially.


In any case, don't PM me, I won't PM you. Instead, post your replies here for open sharing ya?