Hi anon,
Maternity insurance is a relatively niche market since only expectant mothers in the 2nd trimester onwards may purchase it, and only if they are of a certain age eg between age 16 to 45.
It does provide for some level of coverage in the event of pregnancy complications, newborn conditions, and congential diseases, etc. The premium is a single premium in general.
However note that such plans can either be standalone or bundled. If bundled, you will be required to get other plans along with it. For example, Aviva's MyMaternity can only be purchased when you buy another of their plans. However this is not necessarily a bad thing. For example if you wanted to get a term plan to cover your dependents including your soon to be born child, and Aviva's term plan was already your choice, then you can get the maternity plan on top of the term plan.
Mum2baby's unique feature is that it is actually has a whole life portion (Guaranteed Protect Plus with CI/ECI coverage for mum) that allows transferrability of the CI/ECI coverage to the child once born, without medical underwriting. The maximum cover allowed is also quite significant, at $300K if I am not wrong. This gives the peace of mind that the child has CI coverage from day one, in case other health conditions crop up later on that make him/her uninsurable in future.
Other insurers allow you to buy a new life plan with CI without underwriting but their limits are lower than AIA. This means you are still buying a standalone maternity plan first, but then buying a separate plan when the baby is born.
If this fits your friend's budget, that is great (it'll be a 12 year or 20 year payment term, so your friend has to commit and complete the premiums). But if budget is tight, a standalone maternity is probably better, and then a hospitalization plan after the baby is born (at a minimum).
Hi anon,
Maternity insurance is a relatively niche market since only expectant mothers in the 2nd trimester onwards may purchase it, and only if they are of a certain age eg between age 16 to 45.
It does provide for some level of coverage in the event of pregnancy complications, newborn conditions, and congential diseases, etc. The premium is a single premium in general.
However note that such plans can either be standalone or bundled. If bundled, you will be required to get other plans along with it. For example, Aviva's MyMaternity can only be purchased when you buy another of their plans. However this is not necessarily a bad thing. For example if you wanted to get a term plan to cover your dependents including your soon to be born child, and Aviva's term plan was already your choice, then you can get the maternity plan on top of the term plan.
Mum2baby's unique feature is that it is actually has a whole life portion (Guaranteed Protect Plus with CI/ECI coverage for mum) that allows transferrability of the CI/ECI coverage to the child once born, without medical underwriting. The maximum cover allowed is also quite significant, at $300K if I am not wrong. This gives the peace of mind that the child has CI coverage from day one, in case other health conditions crop up later on that make him/her uninsurable in future.
Other insurers allow you to buy a new life plan with CI without underwriting but their limits are lower than AIA. This means you are still buying a standalone maternity plan first, but then buying a separate plan when the baby is born.
If this fits your friend's budget, that is great (it'll be a 12 year or 20 year payment term, so your friend has to commit and complete the premiums). But if budget is tight, a standalone maternity is probably better, and then a hospitalization plan after the baby is born (at a minimum).