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Read? Tips On Child Life Insurance
Sometime ago, the topic to buy Child Life Insurance or not was hotly debated among the super friends.
Personally, I don't believe in buying Child Life Insurance as I don't think why parent should be looking for financial gain from the death of a child.
But, some argue to buy Child Life Insurance that have coverage on major Critical Illnesses.
OK. Let examine what are the 30 major critical illness that are covered:
Put your emotions aside, and examine carefully what is the risk level that the child will be affected by 30 critical illnesses?
Most of the child in Singapore are already covered by Medishield.
MediShield is a low cost catastrophic illness insurance scheme. Introduced in 1990, the government designed MediShield to help members meet medical expenses from major illnesses, which could not be sufficiently covered by their Medisave balance. MediShield operates on a co-payment and deductible system to avoid problems associated with first-dollar, comprehensive insurance.
Premiums for MediShield can be paid by Medisave. A very large medical bill can easily wipe out your Medisave balance, as it is only a savings account. For this reason, you are advised to take up MediShield or an appropriate private Integrated Shield Plan in order to stretch your Medisave dollars. Your co-payment and deductibles can also be paid using Medisave or cash.
MediShield will cover up to 80% of your large medical bill at the Class B2/C level.
For Singaporeans who plan to use Class B1 or higher ward classes, you may wish to consider purchasing Medisave-approved private Integrated Shield Plans on top of your Medishield. MediShield and other Medisave-approved private Integrated Shield Plans are designed to cater to your different insurance coverage needs.
MediShield is operated by the CPF Board.
So, the big question is for parents to think over it without the emotion of love for the child, as some of us may have limited financial resources to afford comprehensive insurance coverage and may have to be satisfied with a reasonable insurance coverage as we have to allocate the limited financial resources wisely among competing needs and for investment too.
But, if one can easily afford it, just buy and treats it as a gift to the child. Nothing to debate about. Cheers!
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