Before the baby is born, one of the few types of insurance available is maternity insurance. This coverage is specifically designed to provide financial protection against risks associated with pregnancy complications and congenital illnesses, albeit with a relatively low likelihood of occurrence (though not entirely zero).
The primary benefit of maternity insurance lies in the peace of mind it affords expectant parents, knowing that any unforeseen events during pregnancy or childbirth will be covered. Standalone maternity plans have gained popularity for precisely this reason, offering comprehensive coverage tailored to the unique needs of expectant mothers and their babies.
In recent years, bundled insurance plans have emerged as an alternative option, combining maternity coverage with other types of protection or savings elements. One particularly noteworthy bundled plan includes maternity coverage alongside transferable whole-of-life critical illness (CI) coverage for the newborn, all without the need for further medical underwriting.
This distinctive feature ensures that the newborn is equipped with critical illness coverage from a young age. While it may initially seem unnecessary for an infant to have income replacement, the reality is that health issues can arise unexpectedly. Conditions such as systemic lupus erythematosus (SLE) or polycystic kidney disease could potentially render the child uninsurable later in life. Therefore, having critical illness coverage from infancy serves as a crucial safety net, providing financial protection against unforeseen medical expenses and related financial burdens.
Moreover, in the unfortunate event of a serious illness such as leukemia, parents may find themselves needing to take time off work to care for their child. This can lead to a significant financial impact on the family. Thus, investing in critical illness coverage for an infant is a prudent decision that should not be underestimated or overlooked.
However, it’s imperative to consider such plans only within the constraints of one’s budget, as premiums are typically payable for extended periods ranging from 10 to 20 years. Thankfully, many insurers offer a variety of plans with different features and premium options. Consulting an independent financial advisor can provide valuable insights and assistance in exploring the available options to find the best fit for individual needs and circumstances.
After the baby is born, additional insurance options become available. Hospitalization coverage remains essential, and critical illness coverage can also be obtained for the infant, though it may require medical underwriting.
Furthermore, with the arrival of a newborn, parents’ responsibilities and liabilities increase, underscoring the importance of reviewing and potentially enhancing coverage for death, total and permanent disability (TPD), and critical illness.
While insurance for an unborn baby may seem unconventional, it serves as a vital means of protection against unforeseen circumstances. From maternity insurance to critical illness coverage, exploring insurance options for a newborn can provide invaluable peace of mind and financial security for the entire family, ensuring a brighter and more secure future for all.
Some popular maternity insurance plans in Singapore and their coverage
AIA Mum2Baby Choices
- Plan options: AIA Mum2Baby Protect and AIA Mum2Baby Protect Plus
- Coverage includes hospitalization, prenatal care, delivery, newborn care, vaccinations, and more. AIA Mum2Baby Protect Plus also covers congenital anomalies and critical illness for the baby.
- Premiums starting from S$75 per month.
- Waiting periods: 10 months for pre-existing conditions, 3 months for everything else.
- No exclusions.
Prudential PRUFirst Promise
- Coverage includes hospitalization, prenatal care, delivery, newborn care, vaccinations, pregnancy complications, and mental wellness care.
- Premiums starting from S$50 per month.
- Waiting periods: 10 months for pre-existing conditions, 3 months for everything else.
- No exclusions.
Great Eastern GREAT Maternity Care 2
- Coverage includes hospitalization, prenatal care, delivery, newborn care, vaccinations, and more. GREAT Maternity Care 2 also covers congenital anomalies and critical illness for the baby.
- Premiums starting from S$80 per month.
- Waiting periods: 10 months for pre-existing conditions, 3 months for everything else.
- No exclusions.
MSIG Care Plus with Bloom Rider
- Plan options: Bloom and Bloom Plus
- Coverage includes hospitalization, prenatal care, delivery, newborn care, vaccinations, and more. Bloom Plus also covers congenital anomalies and critical illness for the baby.
- Premiums starting from S$40 per month.
- Waiting periods: 10 months for pre-existing conditions, 3 months for everything else.
- No exclusions.
AXA Hospital Care Plus with Mum & Baby Plus
- Coverage includes hospitalization, prenatal care, delivery, newborn care, vaccinations, and more. Mum & Baby Plus also covers congenital anomalies and critical illness for the baby.
- Premiums starting from S$60 per month.
- Waiting periods: 10 months for pre-existing conditions, 3 months for everything else.
- No exclusions.
It is important to note that this is not an exhaustive list of all maternity insurance plans available in Singapore. It is always best to compare different plans and speak to an insurance agent to find the one that best suits your needs and budget.
What to Consider
When considering maternity insurance in Singapore, it’s essential to approach the decision with careful consideration. Comparing different plans thoroughly before making a choice is crucial. This can be done through various means, such as utilizing online comparison tools or consulting with an insurance agent to gain insights into the available options.
In addition to comparing plans, there are several tips to keep in mind when selecting maternity insurance:
- Start shopping for a plan early in your pregnancy to ensure you have ample time to explore your options and make an informed decision.
- Take into account your individual needs and budget when evaluating different plans. Consider what coverage aspects are most important to you and what premium level you can comfortably afford.
- Read the fine print carefully before purchasing a plan. Pay attention to details such as coverage limits, exclusions, waiting periods, and any additional benefits or features offered.
- Don’t hesitate to ask questions if you’re unsure about anything regarding the plan or its terms. Seek clarification from the insurance provider or agent to ensure you fully understand the coverage you’re considering.
Other Tips
Utilize Your Medisave Maternity Package
The Medisave Maternity Package (MMP) serves to cover a range of prenatal medical expenses, including ultrasounds, along with delivery costs. This scheme comprises several components, each offering different claimable amounts for prenatal expenditures, hospital accommodations, and the actual delivery.
Don’t Overlook the Baby Bonus
In addition to Medisave, the government extends support to mitigate maternity and newborn expenses through the Baby Bonus scheme. The scheme offers upfront cash and matching grants, with the amount increasing in correspondence with the number of children.
Upon the birth of your child, you’ll receive an upfront cash disbursement, which can be utilized to cover maternity and newborn expenses. Additionally, you’ll have the opportunity to initiate a Child Development Account (CDA), a dedicated account designed for saving for your child’s future needs. The government matches the deposited amount in the CDA, up to a specified limit. Explore further details about the Baby Bonus scheme here.
By following these tips and taking the time to compare plans thoroughly, you can select a maternity insurance plan that not only meets your financial needs but also provides peace of mind during this important time in your life.
