Healthcare protection for your children

3 December 2016
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Category New Families
3 December 2016, Comments 0

Parents are always concerned about their children. But the extent to which they wish to provide protection may vary from family to family. Just as every person is different, every family is different but for those who wish to purchase healthcare insurance for their children, there are product available on the market that provide coverage.

The good thing about starting insurance protection early in life is that the risks for the insurer are much lower. Lower risks mean lower premiums so that it might actually be more affordable than you think. Conditions don’t always appear in the early stages of your life so as a child you are much more insurable and better still, you will have gotten cover before any condition starts to develop. So if you have a family history of a congenital problem, while this may not normally be a covered risk if the insurer knows about it, when you get the policy as a child you already have the coverage for when the disease or condition develops into a health issue for you

You can see from this that if you suspect that you child may develop something in the future, better to act now and get that coverage before he or she becomes uninsurable.

So what sort of plan and what sort of coverage should you be looking for? You could go with a plan that provides good health coverage and also covers the expense of hospitalisation and after care. If you were to stay in a private hospital in a country like Singapore, the bill is not going to be cheap and will be dependent on which class of ward you stay in. If you are able to find a policy that provides coverage for your child in Singapore then you can rest assured that your child if for any reason becomes sick and needs hospital treatment, you will be able to provide first class service and care in the South East Asia region and you do not need to worry so much.

There is only so much that people may want to do to provide protection in the form of insurances. A good way to think about it is to actually make sure you as a parent are well protected so that in the event that anything unfortunate happens, you can afford the best care so that you have the best chance of surviving anything. No parent likes to think of the scenario of how their children will cope if they themselves are gone so if you as a parent keep yourself in good health or at least protect yourself from unfortunate events then you can rest assured that you will be around long enough to take care of your children while they are dependent on you.


Example policy for child

As an example of the type of policy that can be taken on for a child you can get a policy that insurer him or her for the rest of their life but pay the premiums for the payment term which can be like 25 years. Now if you think that this seems a little excessive, can you just imagine how much cheaper it is to take out a policy like this that you pay for a child over 25 years vs coverage for an adult over 25 years with payments for the first 25 years. It would be much cheaper to take this policy out earlier as a child

Policy Coverage

It is essential to refer to the policy documents to see what is covered but as a high level guideline it can cover

  1. Dread Disease – these are serious diseases which everybody would dread. They are classified into 3 stages, Early Stage, Intermediate Stage, Advanced Stage. The payout will be determined by what type of disease you have and which stage it is at
  2. Total ad Permanent Disability – If the person becomes totally and permanently disabled the insurer will make a payout in accordance with the policy documentation.
  3. Terminal illness and death – If the insured person dies or is certified to be terminally ill, the payout made by the insurer will be in accordance with the policy documents. If lets say the death is not cause by the illness but by suicide then the policy will become null and void

Before making any decisions about whether to take out policies for your children it is always worth consulting your professional financial advisor. When you go into discussions with your advisor he will guide you in your own assessment of risks and can recommend the most relevant policies available on the market that are appropriate to your needs. No point being over insured because there really is no need, but it is always good to have some peace of mind in the form of insurance coverage especially where your family is concerned

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