Nowadays, a lot of prospective parents prepare to insure their child. On the other hand, some may question the necessity of infant insurance when it is mentioned. There are numerous types of insurance policies that parents can get for their newborns, as well as numerous justifications for doing so. In this post, we examine the types of infant insurance you should acquire and why.
Common types of newborn insurance
Unlike insurance for adults, newborn insurance is created to guarantee that a child’s formative years are as healthy as possible by offering a variety of newborn-specific advantages. There are four primary types of insurance that people typically purchase for their newborns:
1) Health insurance
Your child is covered by comprehensive newborn health insurance coverage if they have any medical problems in the first few years of their life. In Singapore, parents frequently acquire an Integrated Shield plan to supplement the MediShield Life coverage that is provided at no additional cost to Singaporean citizens and permanent residents. A higher standard of treatment is ensured by combining the two types of coverage.
A wide range of standard benefits are frequently included in newborn health insurance, in addition to coverage for issues relating to the baby. Coverage could consist of:
- General practitioner (GP) consultations
- Prescribed medication
- Private hospital room accommodation
- Direct billing
Similarly, additional benefits may be included with some plans, such as:
2) Whole life insurance
You may be asking why life insurance for a child would be necessary. This form of insurance plan might be compared to a forced savings account because your child will inherit the cash worth. The same benefits will accrue to you for the rest of your life.
3) Critical illness insurance
This kind of insurance will assist in making up the lost wages if your child becomes unwell and you, your partner, or both of you must take time off work to care for your sick child.
4) Personal accident insurance
This kind of coverage covers various medical costs including outpatient treatments.