Should we buy insurance to unborn baby?

Currently, you can consider maternity insurance. Maternity insurance covers death, pregnancy complications, psychological consultations and also provide hospital allowance should mummies get hospitalised due to the stated insured events. Best to get insured before you're diagnosed of gestational diabetes (common amongst pregnant mummies).

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After baby is born, the maternity plan can be converted into a whole life policy or educational saving policy with minimal medical underwriting. Get a hospital and personal accident plan covering infectious disease for your baby after, minimally, 2 weeks of birth as well! Meanwhile, your maternity plan will also continue to cover the following events for the baby for 3 years :death, phototherapy treatment due to severe jaundice, cognential abnormalities as well as provide hospital allowances should baby get hospitalised under the insured events.

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Feel free to telegram me @Fionaayx or whatsapp me at 97688221 if you need help to better understand any maternity plans and how it works!

Maternity insurance for sure

Hi anon,

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Before the baby is born, the only type of insurance you'l be able to get is maternity insurance.

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Maternity insurance provides coverage for risks such as preganncy complications and congenital illnesses, all of which have a low (but not zero) chance of occuring.

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Thus, this peace of mind knowing that any such events will be covered is one of the key reasons to get a maternity plan (standalone ones).

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However, as plans evolve over time, we have seen the emergence of bundled plans whereby a maternity plan is bundled with another plan that provides protection or some savings elements. In my view, one of the most relevant type of plan in this aspect are maternity plans that are bundled with transferrable whole of life CI coverage to the newborn without the need for further medical underwriting.

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This allows the newborn to have CI coverage from young. What's the point of having this, you may ask? Surely a newborn has no need for income replacement? However, we often take things for granted and one of the biggest things that we take for granted is health. Thus, if over time, a child develops conditions such as SLE or polycystic kidney disease, he/she might no longer insurable for life. Having critical illness coverage right from the start will ensure that the child has something to fall back on later on in life.

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Furthermore, if a child was diagnose with, say leukemia, parents would likely have to stop work to being the child for treatment, etc. This has a tangible financial impact on the family. So the justification for getting CI cover for an infant does exist and is something that you should not dismiss.

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This should however, be something that is considered only if it fits the budget, as the premiums are payable for 10 to 20 years. Many insurers have such plans, so speak to an independent financial advisor to understand more about your options.

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As for plans that can only be bought after birth,one of the must haves would be hospitalization coverage. You can also buy CI coverage for an infant after birth instead of going through a bundled maternity+CI policy, however, the infant has to be subject to medical underwriting, which might be a challenge if there are things to declare.

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Lastly, as liabilities for parents will increase with the arrival of a newborn, coverage for the parents should be reviewed as well, and increased if needed (namely Death/TPD and CI)

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Hope that helps!

Hi! Buying insurance for an unborn baby is a personal decision, and there are a few factors to consider:

1. Need: Assess whether there is a genuine need for insurance coverage for the unborn baby. Insurance is typically meant to provide financial protection in case of unexpected events or risks. Consider whether there are specific concerns or risks you want to address for the unborn child.

2. Timing: Insurance for the unborn baby is usually purchased after the baby is born. The birth of the child triggers the need for coverage, as it allows the insurer to assess the child's health and issue a policy accordingly.

3. Types of Coverage:

• Health Insurance: Health insurance is essential for covering medical expenses related to pregnancy, childbirth, and the baby's health. This is typically obtained through the parent's health insurance plan.
• Life Insurance: Life insurance for an unborn child is less common and often not necessary. Life insurance is generally meant to replace income in case of the insured person's death, and an unborn child doesn't have income to replace.
• Education or Savings Plans: Some parents consider investment or education plans for their child's future expenses like education, but these are not insurance policies.

4. Parent's Coverage: Ensure that the parent's health insurance covers prenatal and maternity care. Many insurance plans include coverage for maternity-related expenses.

5. Waiting Periods: Some insurance policies have waiting periods before they cover maternity-related expenses. Be aware of any waiting periods and plan accordingly.

6. Cost: Consider the cost of insurance premiums for the unborn baby and whether it aligns with your budget and financial goals.

7. Consult a Financial Advisor: It's a good idea to consult with a financial advisor or insurance specialist who can provide guidance based on your specific circumstances and needs.

In most cases, insurance coverage for the unborn baby is not a necessity until after birth. Focus on ensuring that the pregnancy is well-monitored and that the mother has appropriate health insurance to cover prenatal care and childbirth expenses. After the baby is born, you can explore various insurance and savings options to secure the child's future, such as life insurance, education savings plans, or child-specific health insurance if needed. Hope that helps! :P