Insurance for little one
Do u buy insurance after birth for your baby? If yes, which agent did u got from and how much did u paid for it?
Got all three (health, accident and life insurance) from great eastern, adds up about $500 per month (share between me and my hub). Depending on what you want to get, the premium varies. Like for example the health insurance, government gave the basic to all newborns and we just upgrade the plan. It’s a good thing to start at least the accident and health insurance as early as possible as their premium won’t be so high till you can’t afford. As for the life insurance, it’s up to you to think whether it’s necessary for your lo. We get that is cause we feel that it’s good to have, as it acts as a saving as well as emergency fund for our baby. So how it works is that you need to have a total amount that you want this plan to start off with. For example you want $25,000 and this $25k to be pay off within 5 years, then you every year need to pay the premium of $5k. After the 5 years, you no need to pay for the premium but the interest will keep rolling. So when it comes for emergency, like our baby grow up and goes to poly or Uni and is in need of money for school fees she can take a portion out while the rest will continue getting the interest.Read more