3 Types Of Insurance Plans For Expecting Parents In Singapore
Waiting
to welcome a baby into this world can be extremely exciting for a couple. As
the day draws closer, you take several steps to ensure everything is just
perfect. From preparing your home to be safe for the little one to planning the
baby shower, every golden moment is cherished.
Now, this is also the right time to secure your home and new family addition with adequate insurance coverage. After all, insurance can provide financial protection in times of the unexpected. In this article, we will take a look at 3 types of insurance plans that you can consider opting for as a parent-to-be.
1. Maternity
insurance
Maternity
insurance can offer you much-needed coverage against possible pregnancy-related
complications and health issues for both mother and child. You can opt for a bundled maternity insurance plan in Singapore that
covers the mother against pregnancy complications and death, and then later
transfers the life insurance coverage to the new born upon birth.
Under
this plan, you can expect coverage for pregnancy complications such as ectopic
pregnancy, gestational diabetes, and stillbirth. The baby will be covered
against hand, foot, and mouth disease as well as a range of congenital diseases.
Alternatively,
you can also choose to opt for a standalone maternity term
plan in
pregnancy. The difference between a bundled and standalone maternity insurance
plan is that the latter comes without a life insurance component for the baby.
While no one likes to think of negative outcomes during a happy time such as pregnancy, it is wise to be prepared so that you can afford access to the best in medical treatment, if required and have peace of mind during this amazing journey.
2. Life
insurance
As
a parent, you would want to do everything in your power to keep your little one
safe. However, life can be unpredictable and things can sometimes go awry. If
you are about to become a parent, you might want to take a life insurance plan
for yourself so that your baby and spouse can stay financially secured if
something unfortunate were to happen to you.
A life insurance plan will cover you against
death, terminal illness, and total permanent disability. You can choose between
–
ü
Whole life insurance that covers you for your
entire life span
ü
Term insurance that covers you for a fixed
period
A
life insurance plan is especially important if you are the sole breadwinner at
home. If something unfortunate happens to you, your spouse would be able to
keep the home running and raise your child without having to worry about
problems such as unpaid debt, foreclosure of a mortgage or any other similar
financial problems.
3. Savings
insurance
If
you have a baby on the way, you may have started planning for their future. Raising
a child can be a wonderful experience; however, it can be a costly one. You
want to be financially prepared for various milestones in your child’s life in
advance. An insurance savings plan can help you build a corpus
of funds for life goals in the near and distant future. For instance, you can
take an insurance savings plan to build up savings for your child’s university
fees. This can prove to be a much more efficient way of saving up than
squirrelling money into a bank account each month.
Alternatively,
you can also opt for a savings plan with yearly cash
benefits
that will give you cash benefits every year as well as a lump sum payout upon
maturity. These plans also come with a death benefit so your loved ones are
provided for if something unfortunate happens to you.
We hope this has been a good read for you today. You may want to speak with a financial consultant for help in selecting the right family protection plans for your needs. All the best!
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