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  • Insurance for baby?

    Will you think to buy any insurance for your kids when he/she is born?

  • #2
    yes we did with prudential, sort of a life protection cum savings one.

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    • #3
      I did it for my son and I would be doing it again soon!

      NTUC incomesheild to cover hospital charges which is deductible from CPF- Class A plus yearly cash rider.

      Aviva monthly Endowment cum life protection up till 20 years old.

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      • #4
        There're so many insurance companies, and packages available in the market that I find it really hard to decide. Just for the endowment cum life protection alone, there's a spread. I still can't decide whether to settle for the endowment plan, or a plan for the Education. Some claim that NTUC Income is better for child's education plan - with lower premium and good returns. True? Anyone has views/suggestions on these? TIA

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        • #5
          i will be buying both a life plan and education one.

          have been shopping around too. there are actually endowment plans that have a life plan tied to it. is that a good idea or better to separate out?

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          • #6
            I've bought one endownment cum life policy from GE for my 16 mths bb too.

            The beauty is we will pay premiums for a limited years only ( for my case, opt for 20 years) and if you don surrender your policy when it matures, your child will still enjoy coverage (like those offer by lide policy) till old age.

            The surrender value will be much higher as years pass by.

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            • #7
              It is best to separate protection, savings and investment.

              Nothing comes in purrfectly honestly speaking. Whilst one is good for protection, it does not mean very good returns. When one is good for savings, the coverage is not so high.

              If you want good protection, look out for Manulife's Life Protector Plus with Critical Illness. It has the lowest premium and highest coverage among the industries.

              Or you can look out for limited payment, like Aviva 20 or Manulife Life Protector 20. When your child turns 21, you can give it to her as a present.

              If you are looking for something to fund your child's future education, we have Smart Saver 21. The yield are very high.

              If you are on budget, get a term policy and covert them into whole life later on when you have bigger plan.

              Of course, you definitely need to get a H&S plan. These two are the best selling in the market right now.

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              • #8
                I had an AIA investment plan for my son, because of the higher returns compared to insurance and education policy. Very affordable also, only $100 plus a month!

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                • #9
                  Originally posted by geliz
                  I had an AIA investment plan for my son, because of the higher returns compared to insurance and education policy. Very affordable also, only $100 plus a month!
                  The "higher-returns" are not guranteed... They are based on a projected
                  rate of 5% or 9%. So what you see is not necessary what u get.. The insurance charges are higher than traditional policies. Only 20% is being invested on the 2nd yr and you need to wait till the 11th year then will get 100% invest fully. What is the sum assured? (The more the Sum assured, the more expensive when you grow older because more units are being 'eaten up') What funds did you invested in? Are they the future performer? Will it continue to go-up in 10yrs-20yrs? You have to MAKE SURE your agent monitor for your regularly and switch funds for you. Investment is different from traditional. Need to update you regularly one.

                  The benefits will be you can go on a premium holiday, can do top-up when fund is down. If the fund is doing very good, good for you.

                  I would advise you to take a 'solid' base plan for your child, which at least offer you guranteed. What you see is what you get here. Something like this from Manulife.

                  3 annaul payout. Premium payment stops once receive first payout. Guranteed insurability option. High yielding returns of 4.66%* p.a. Life insured on child. Covers death, TPD and Terminal Illness.

                  Scholar

                  As parents, you want the best for your children in every way possible. It is especially important these days to give your children the opportunity for a university education. A degree will give your children a headstart in life. Scholar helps you to build an education fund for your children.

                  Features and benefits:

                  • Provides 3 annual payouts to ensure sufficient funds throughout the university years.

                  • Choice to receive the 1st payout to coincide with your child's university entry age between 17 and 20.

                  • Maximise the saving efforts with high yielding returns of 4.66%+.

                  • Premium stops once your child enters university. No premium is required during the payout period.

                  [list]If something unexpected were to happen to you, all future premium will be waived.[list]
                  • Guaranteed insurability option - within 3 months upon maturity, your child can take up a Whole Life or Endowment plan at the same sum insured without evidence of insurability.


                  +Based on a child age 0, sum assured of $100,000 and 20-year premium term

                  Example of the 3 annual payouts:

                  Here is an example of how much your child will receive from Scholar if you buy him the plan with $50,000 sum assured when he is less than 1. Your child will start receiving the first guaranteed payout at age 20.

                  Age 3
                  Annual Payouts Amount
                  20 40% of sum insured $20,000
                  21 40% of sum insured $20,000
                  22 20% of sum insured + non-guaranteed projected bonuses $10,000 $51,416
                  Total $101,416

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                  • #10
                    what is your target amount when it comes to planning for your little one's education? I was told that for overseas education we have to project about half a mill!!!! due to inflation. local education will be about half that?

                    geliz, i agree that investment plans may potentially produce better returns but risk is higher. education plans produce less returns as they are not investment linked and there is usually flexibility built in.

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                    • #11
                      Yup, risk is slightly higher but still ok for me as this is long term investment. Anyway I can always get another one if I find this not suitable for him since he's only 15 months!

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                      • #12
                        Think of getting a Hospitalization insurance for my son. What have you guy get and what does your policy include and is there any things special from other ?

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                        • #13
                          Manulife

                          Originally posted by SummerDay
                          Think of getting a Hospitalization insurance for my son. What have you guy get and what does your policy include and is there any things special from other ?



                          Example

                          Consider a female age 34 taking up a Deluxe Plan. Her annual premium is $548 and the monthly premium is $47.95. The Deluxe Plan provides a daily room and board of up to $200 per day, with an annual limit of $50,000. If she claimed $50,000 in one year, she is eligible for another $50,000 (guaranteed renewal) annually and up to $250,000 for the lifetime limit.

                          This will ensure that she continues to have medical coverage, regardless of her state of health.

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                          • #14
                            hi diorsnow, you advertising for manulife?

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                            • #15
                              i think it depends on your goal for insurance. if it's to invest for your child's future spending like education, endowment plans are very popular

                              if it's to cover for medical/hospitalization expenses, the minimum coverage that is advised by the health ministry now is medishield which is undergoing a revamp and will ensure that the child is covered for high hospitalization charges. there are enhanced plans offered by private insurers on the market such as incomeshield, aiashield, etc. and these offer higher coverage on a higher premium. the private plans will also be partially merged with basic health ministry administered medishield soon. the basic plan is very cheap, just a few dollars a month but it's on a co-payment scheme similar to car insurance so useful only for very large bills. still, if you're not that well off, i think it's wise to be covered under this

                              so depending on your needs, you should sit down with a good financial planner to work it out. don't spend too much on insurance plans especially in this new economy coz you never know when you'll need the extra cash. of coz everyone wants the best for their children but planning practically is important

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