facebookI have a new born and my parents are in their 70s now. What kind of insurance do you recommend that can protect my whole family (3 generations) together or do i have to buy them each an insurance separately? - Seedly
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ba tim

Posted on 29 Jul 2020

I have a new born and my parents are in their 70s now. What kind of insurance do you recommend that can protect my whole family (3 generations) together or do i have to buy them each an insurance separately?

I am looking for a health insurance or critical illness plan thanks!

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Hi, you can either choose to insure seperately or together.

There are some policies such as GREAT Family Care that provide coverage for multi-generation. They are great for families with children to look after and parents to care foras it is an all in one single comprehensive critical illness insurance plan.

Do get in touch if you wish to find out more.​​​

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Hey there!

In general, you will want to look at making sure hospitalization plans are in place for your children and yourself. For your parents, in the event a hospitalization plan isnt possible due to a pre-existing, at least there is a Medishield LIFE option for them. Hospitalization and surgical expenses can be hefty; a hospitalization plan reimburses these expenses.

There are many critical illness plans out in the market and there are different strategies you can employ. Either way, the earlier you get it, the better since its usually way cheaper to get it from childhood.

Strategy wise, you can either buy a whole life plan for your children with a ECI rider attached or a standalone multi-pay CI plan. Which strategy to employ depends on your budget and needs and objectives. If you are looking at paying only for a limited time, then go for the WL plan with ECI rider to cover for death, TPD and CI all at one shot. If not, you can look at a standalone CI plan for them.

For young children, you can opt for a WL plan since its a lot cheaper at the start. A 12 year-ish premium payment method to be covered for life will be a great option. Long term wise when they are older, they can opt to top up the coverage themselves :)

Financial planning is an integral part of life. You can reach me here to find out more.

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Buying separely is an option but may cost quite abit. Getting them each covered minimally for hospit...

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