As parents, we all want the best for our children, especially when it comes to securing their future and protecting them from unexpected situations. A big part of that involves choosing the right insurance coverage. But let’s be honest—figuring out which policies to buy, how much coverage is enough, and when to apply can feel overwhelming with so many options out there.
Let’s break it down together and talk about three key types of insurance you might want to consider for your kids: hospitalization insurance, personal accident plans, and critical illness insurance. I’ll also share some personal experiences that might help you make sense of it all and guide you toward the best choices for your family.
Hospitalization Insurance: A Must-Have
One of the most essential types of insurance for kids is hospitalization insurance. If you’re like me, you’ve probably felt that sense of panic when your child gets sick. You want the best treatment immediately, but hospital bills can add up fast—especially if the condition is serious.
In Singapore, we’re fortunate to have MediShield Life, which covers basic hospital bills in public hospitals, specifically for B2 and C wards. These wards are more affordable but have shared rooms and fewer amenities (no air-conditioning, for instance).
If you prefer more comfort and privacy, like staying in B1 wards or even private hospitals, you’ll need an Integrated Shield Plan (IP). That’s what I opted for with my kids. An IP gives us access to private hospitals, a wider selection of doctors, and shorter waiting times. The premiums are pretty affordable when they’re young and can even be fully covered by CPF MediSave. My plan is to transfer the policy to them when they grow older so they can decide how to manage it themselves.
What I found particularly useful about IPs is that they don’t just cover hospitalization—they also handle post-discharge follow-ups and outpatient consultations related to the hospitalization. This has saved me a lot of stress and money in the long run.
Some popular Integrated Shield Plans in Singapore include:
- AIA HealthShield Gold Max: Offers comprehensive coverage, including private hospitals, plus useful riders to reduce out-of-pocket expenses.
- Prudential PruShield: A trusted choice with flexible riders to customize your plan.
- Great Eastern SupremeHealth: Competitive premiums with good inpatient and outpatient coverage.
- Singlife Shield: Focused on value with features like telemedicine and mental health support.
- Raffles Shield: Specializes in coverage for Raffles Hospital and selected private hospitals.
Personal Accident Plans: Are They Worth It?
Kids are naturally curious and active, so bumps, cuts, and bruises are part of life. This is where personal accident (PA) insurance comes in. While it’s not mandatory, it can be a helpful safety net depending on your risk tolerance.
For me, I decided against a PA plan for my kids. Outpatient treatments for minor injuries aren’t typically too expensive, and I’m okay covering those costs myself. Plus, if something more serious happens that requires hospitalization, our IP already has us covered.
If you think a PA plan is right for your family, especially if your child is into sports or other high-risk activities, there are some good options in Singapore, like:
- DBS Kids Protect: Covers accidental medical expenses and offers daily hospital cash benefits.
- Great Eastern GREAT Junior Protector: Provides worldwide coverage and benefits for accidental death, medical expenses, and hospital stays.
- Income PA Junior: Focuses on school-related accidents and offers extra allowances for recuperation.
Critical Illness Insurance: Extra Peace of Mind
Critical illness insurance isn’t always the first thing parents think about for kids, and for good reason—unlike adults, kids don’t have income to protect. But it’s worth considering if you want financial support to cover lost income if you need to take time off work to care for your child.
For my kids, I chose term policies that cover critical illnesses up to age 99. At less than $1,000 per year, I secured coverage of up to $300,000, including benefits for relapse claims. The coverage for multiple claims was a key factor for me, as the likelihood of relapse over a long life is higher.
Some critical illness plans to explore include:
- AIA Beyond Critical Care: Covers early-stage illnesses and allows for repeat claims.
- FWD Big 3 Critical Illness: Focuses on cancer, heart attack, and stroke.
- Singlife Big 3 Critical Illness: Doubles the payout for the most common critical illnesses.
What Should You Do First?
Start with hospitalization insurance—it’s the most important coverage for your child. Once that’s in place, you can decide whether to add a PA or critical illness plan based on your budget and family’s needs.
When choosing the best insurance for your child, consider these factors:
- Your child’s age and health
- Your budget
- The type of coverage you want (e.g., early-stage illnesses, outpatient care)
- Your preferred hospital or doctor
- Your child’s lifestyle and activities
Still unsure? Comparing plans or speaking with a financial advisor can make the process easier. Let’s make sure your children are well-protected for whatever the future holds!
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