How much do you pay for your child’s insurance yearly?

Baby’s insurance How much do you pay for your child’s insura

Yes, I agree with Cherlyn. I was also looking at maternity plans but found that the premiums are high but sum assured to be very low because honestly, what can you do with 5-10k if you or you child have pregnancy complications? If I’m down with complications, worst case scenario is die, so rather get my own Whole Life insurance to leave behind money for my kid. If baby is down with complications, what can 5-10k really do? Those congenital diseases would probably wipe out your entire lifetime’s savings in order to cure him or her. Honestly, 5-10k in savings I also have. Also, if I don’t have my parents or my in-laws will also be able to fork out to tide us over. If the payout is like 200k++ that sort, I guess it makes sense to get cos we surely don’t have that money and neither would my parents or in-laws.

Super Mum

~$180 cash for hospitalisation insurance (Some extra comes from Medisave) - A class ward in gov hospitals (my preference) Not getting life insurance anytime soon for kids

1 more comment

Cherlyn

Mum of 2 beautiful girls

5y ago

When we buy life insurance for someone, the reason is so that when that person dies, the beneficiary can use the money to carry on with life for a while. So it makes sense to buy life insurance for myself, such that if I die, and being the breadwinner in my family, my family has some money to live on for a while as they make new arrangements to earn money to carry on living. But for my children, I don’t want to have any benefit from them dying. I want to protect them for as long as I can, then when they’re going to be adults, I can teach them about buying life insurance to support their own families in case of their death. Because the insurance premiums are lower if you are younger, I will probably start teaching them about insurance when they’re teenagers (maybe around 16yo), and discuss with them when they want to start buying life insurance.