Insurance for Children

[phantom]

My spouse just gotten me to bought a bunch of insurance for my kids. Wondering what kind of insurance other parents get for their kids. For me, I didn't though of getting it until my spouse start looking around and just ask me to sign :?

[buds]

Heyya phantom..


Now, you sure those were insurance policies she asked you
to sign? Weheheh.. Just kidding.

When i was working, i signed up for NTUC's 2 in 1 plan for
kids below 18 yrs. Endowment cum life. So, while i saved
while i earned for her supposed tertiary education, it also
covered the usual life policies that included the usual,
permanent disability, hospital subsidies, but i seem to recall
(if i recalled correctly) that the list of illnesses included
asthma and HFMD or some sort. Hence, the sign up.

Can start as low as $100. Can have delayed installment
payments if we lose job, but policy still run. Can pay
advance. Can take out some if in need but minus from
the eventual pay-out. Interest was like from 3-5% like that.

Just sharing..

Cheerios.

[jedamum]

phantom:

For me, I didn't though of getting it until my spouse start looking around and just ask me to sign :?

Mine is the opposite.
My husband is the one who talks to the insurance agent and he gets me to sign.
For the kids, we have insurance for
- education savings plan for ds1
- life insurance for ds2
- outpatient cost for both
- hospitalisation cost for both

[tamarind]

I feel that we only need a life policy, and a hospitalization plan which is most important.


NTUC incomeshield has no limits, and covers up to A1 class at a reasonable premium. We also bought the rider, so essentially all costs are covered.

My kids are covered under Great Eastern Life, covers private hospital stay, and also outpatient fees.

[ChiefKiasu]

Hmm… my wife lives by the 10% rule - 10% of my salary goes to insurance payments.

[mintcc]

For kids we have :

1. Endowment Plan
2. 1 plan that covers any accident
3. We ge the same Aviva health plan which means our kid is cover for free

For myself…I think it depends on how much cover you feel you need vs how much you want to spent/ whether you want to take anything back at the end of it .

After a health scare and a day op last year, I look through my insurance and realized my insurance will just cover me less than 50k if I got some major illness or disability. After looking thought my plans, a IFA was recommending me to drop one of my life plans for a ILP plan… for more than 3 times the coverage Any body knows if that is a good idea:?

[cmm]

mincy:

After a health scare and a day op last year, I look through my insurance and realized my insurance will just cover me less than 50k if I got some major illness or disability. After looking thought my plans, a IFA was recommending me to drop one of my life plans for a ILP plan... for more than 3 times the coverage Any body knows if that is a good idea:?

I usually advise my clients to have critical illness coverage at least 2 times your annual income (ISO22222 standard). For SAHMs, you may want to use your husband's annual income as a gauge.

It's usually not a good idea to drop existing policies to take up a new one (Replacement of Policies). Some factors to consider are:

1. you may suffer a penalty for terminating the original policy.
2. you may incur transaction costs without gaining any real benefit from replacing the policy.
3. you may not be insurable on standard terms or may have to pay a higher premium in view of higher age or the financial benefits accumulated over the years may be lost.

In your own interest, I would advise that you consult your present financial instituition before making a final decision. Hear from both sides and make a careful comparison to ensure that the replacement insurance policy is suitable for you. You can then be sure that you are making a decision that is in your best interest.

[mintcc]

Many thanks for the advise cmm, will check with my financial institution.

[lifestylelink]

jedamum:

phantom:

For me, I didn't though of getting it until my spouse start looking around and just ask me to sign :?

Mine is the opposite.
My husband is the one who talks to the insurance agent and he gets me to sign.
For the kids, we have insurance for
- education savings plan for ds1
- life insurance for ds2
- outpatient cost for both
- hospitalisation cost for both

I covered my son for H&S with NTUC Enhanced Incomeshield. Thank goodness, but I made a mistake of not taking the rider. He just went for hernia repair and I had to pay $3k out front. :stupid: Is co-pay required for each hospitalisation or for one calendar year?

Thinking of getting education plan and a life assurance plan. Can daddy and mummy share which plan and from which company you take from?

I am considering getting the Great Eastern endownment plan for my son. Limited pay for 20 years and my agent told me it is transferable to my grandson eventually.

Still trying to find a good saving plans, any advice from anyone?

Also, can someone tell me which insurance company covers outpatient medical (not relating to hospitalisation), I had a look and thought there were none?

Thanks a lot.

[Mandie]

I got all the policies for my girl from NTUC (all eggs in one basket, but hubby does not trust other brand since 10 over years ago)


- incomeshield(B plan) + rider + hospitalization plan from my company( i usually claim from my company, balance claim from her own plan)
- life insurance
- on the advice of my insurance agent, i took up a harvest plan + rider(to replace education plan), pay only 5 years and can be withdraw after the 6 years (cash amount >premium after the 6th years) , the amount should be sufficient for her to go local Uni when she turn 18 if we did not withdraw any amount halfway. If she did not need that to study, she can use the fund to do something else, as it has higer return if she draw it out later. ( and i have hte right not to give her the fund if i think she does not deserve it ). She turn 5 this year. So my hubby is thinking to get one more 5 years plan to top up this plan if she needs to go overseas to study, meaning we need to pay for another 5 years