10 Replies
It's subject to individual. Usually preggers with older age, or high risk will consider of getting it in case of emergency as they tend to have higher chances in pregnancy or delivery complications which the medical cost can easily boost up for both mother & baby. There are not many standalone maternity insurance in the market though they're cheaper, but there's one with quite decent coverage i.e. NTUC Income. Most of the better maternity plan has to bundled with a life/ investment linked plan, eg: AVIVA, AXA, AIA. I myself chosen AIA MUM2BABY Protect as this is the only one without premium loading with coverage for ART. There are also options for one to decide on which bundle plan u want. The GPP life plan is somehow rational as it is 100% transferable to the baby once born without the need of underwriter assessment, that's a plus point. You may research online and compare the insurance products fr different providers.
No, I find the maternity coverage too little and premiums too expensive. I’ll be definitely getting hospitalisation insurance for baby ASAP after birth cos that’s more critical. I’m pro-insurance, but I believe in the need to budget properly for the family, so buying what’s needed to fulfil current needs of family is most important. I don’t see much benefits of having life insurance for baby since they’re so young as I don’t need them to pass on a sum of money to me if anything untoward happens to them, which is what life insurance is for. Life insurance is good to have but not a must for baby. However, when reaching adulthood, say 18/21, will strongly encourage that they get covered with life insurance to safeguard their future dependents.
It really depends on what you are looking for. For most standalone plans the coverage is pretty low so not really necessary if you already have the amount in savings. But some people get the maternity plan bundled with the whole life plan for their child for guaranteed transferability just in case their child is born with some health condition and cannot be covered by a hospitalisation plan.
The only reason why I buy maternity insurance is the no underwriting for child (in case anything happen to child) after birth . The life insurance that is bundled with maternity insurance is transferable to baby right from birth.
I didn't get the maternity insurance because the coverage is more for rare illnesses and the payment is quite high.
Yes if you think you're in the high risk group
Not necessary but is good to have lor
It isn't but it's good to have it
It’s your preference
No