Welcome to parenting soon.
My wife just delivered our first born last week and i have done a You Tube video that share on what insurance parent can considered to get for their baby.
https://www.youtube.com/watch?v=LPbdiNP-2o4&t=11s We are getting 3 type of insurance for our son
Before our child are born, we get a pre-natal insurance that are able to transfer the life plan that come with early and critical illness rider to our child without any medical underwriting.
Next is to get a medical insurance that cover congenital illness without waiting period.
As children are more prone to accident like knock and fall, we are planning to get him a per accident that also cover infectious disease.
These are the 3 key insurance plans that we are getting for our son.
While planning for the children, do that note that you and your spouse are also well protected on medical, illness and liability.
As for education plan, to us it is not a must, it is a good to have plan. Get it only when you have spare cash and it doesn't affect your lifestyle.
Your own retirement planning is more important than your child education plan. I also encourage parent to plan for their own retriement first before looking at their children education plan.
Hope that help.
In order of importance.
1) Integrated Shield Plan with Rider - Covers Hospital Bills. Usually the biggest expense.
2) Early Critical Illness Cover - Pays out if baby falls critically ill (also covers specific juvenile illnesses) Important as there'll be a loss of income as one or both parents will have to stop working plus most likely incur extra costs to take care of an ill child.
3) Personal Accident Policy - Covers medical reimbursement should they get injured and not end up in hospital. Also may cover things like HFMD.
After this, you should start saving 5% of your combined annual income for his future higher education needs.
4) You can invest this money or get an endowment policy to guarantee that money when they are 18/21.
03 Dec 2020
Hi, may i know what are some of the most value for money child personal accident policies?
The few protection (as what Hariz has mentioned too) you should ensure for your child will be
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