As Singaporeans, you can’t deny that we’re kiasu parents. We baby-proof our home, stock up on diapers, and even pre-register for our preferred childcare centre, but what about insurance for our children?

Your child already benefits from support schemes such as MediShield Life, but they may not cover every situation. Buying insurance provides additional peace of mind, but what should you consider when getting protection for your precious little ones? Let’s dive in!

Why Buy Additional Insurance?

Every Singaporean Citizen and Permanent Resident is covered by MediShield Life from birth, which helps with large hospital bills at public hospitals. However, if you prefer to go to a private hospital or want shorter waiting times during emergencies, you may need an Integrated Shield Plan (IP) to cover higher-class wards and private hospitals. The best part is that IP premiums are affordable and can be paid with your MediSave or your child’s Child Development Account (CDA).

When Do I Buy?

Buying insurance for your child when they are young ensures they are covered before any health conditions arise. Getting new policies could be difficult or might come with exclusions if they develop a medical condition later. Buying early also means lower premiums!

What Else Are Insurance Plans Good For?

Some insurance plans also act as savings tools for your child, such as endowment policies that provide lump sum payouts when your child reaches tertiary education. University tuition fees can be expensive, but these plans can help ease your financial burden in the future. It’s a practical way to protect your child while building up funds for their academic future.

How Much Coverage Does My Child Need?

The level of coverage depends on your budget and priorities. Consider getting coverage for medical costs first, then think about other plans. Here’s a brief list of some Insurance Plans that you can consider.

• Integrated Shield Plan – Covers hospital bills beyond MediShield Life

• Personal Accident Insurance – Covers medical costs for accidents

• Critical Illness Plan – Provides a payout if your child is diagnosed with a serious illness

• Endowment Plan – Provides a lump sum payout for university education

• Whole Life Insurance – Covers critical illness and death, with cash value accumulation over time.

Large families need not worry about the financial constraints of insurance coverage. Supporting the Large Families Scheme, Great Eastern offers practical solutions through their SG60 initiative, which includes S$400 worth of Family Gift Credits and complimentary family insurance coverage for the first year. This makes protecting your loved ones more accessible, especially for larger households.

The Bottom Line Is Your Top Priority - Your Child’s Future

Buying insurance is one of the ways you can safeguard your child’s future. After all, parenting is about giving your child the best, whether it’s love, education, or even a strong financial foundation!