What insurance should we get for our babies? What are the key points we need to look for when comes to buying insurance?

Before buying insurance for your child you must consider what your reasons are, and based on that the type of insurance can be chosen. 1. Health insurance: some insurance companies allow children to be added into either parent's insurance policy till they attain a certain age. If your insurer does not do that, then make sure that you get a health insurance that covers your child's needs. A lot of kids need dentists and eye doctors on a regular basis -- see if you want that included in your insurance policy. 2. Education/Endowment plant -- this is with an eye towards the future. This kind of plan allows you to put money away till your child attains a certain age -- this allows you to have a large sum of money available to pay for university fee or other needs. 3. Life insurance for yourself -- if something were to happen to you, this would allow your family to have a lump sum to take care of their needs. Also look at coverage and premium terms to make sure that your financial needs -- future and present have have assessed correctly. I would recommend that you speak to a financial planner, or at least a broker before deciding on what insurance to buy. Get them to do a needs analysis for you before.

For me I choose to seek advise from an independent financial consultant that represents policies from many insurance companies. So that I can see a better and non bias comparison among all the policies in the market. My financial consultant also tailor an insurance plan for my family and kids based on our financial ability and needs. Thus, I strongly encourage you to look for an independent advisor. Try to avoid any ILP (investment linked policy) insurance as the money you can get back is not guaranteed.

I bought hospital plan and accident plan for both my children. I feel that these two are the most important as we won't know when they will fall sick and hospital bill is so high in Singapore. An education plan will be good as well but I am not so into this as I feel that my money is "trapped" and the payout isn't so great if it is a small amount. You should find a consultant like Diana said to further discuss and to plan what kind of insurance is needed and fits your pocket.

For me, the essential insurance is to get a health insurance. We never know when a baby will get sick and hospitalization expenses is not cheap in SG. The next is a savings plan if you wish to save for your kid's education. All in all, it will be good if you seek advice from your financial planner or check up the various insurance firms to see what they offer.

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only bought term life & hospitalisation my extended family follows income

thanks

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