only approved clinics will allow you deduct the compulsory vaccines needed for your child from the CDA, not baby bonus. baby bonus is paid to the parent ($4000 for first child in 4 payouts) and CDA is the matching dollar for dollar up to $6000 and this account cannot be touched except to pay for child care fees and immunisations at approved centres. my pediatrician does not accept CDA cards so i'm paying cash for immunisations.
as for insurance, i've signed up with AIA for a hospitalisation plan. i signed up for this coz medical expenses can get quite expensive and i'd like to be able to afford treatment for my baby in case he falls ill and gets hospitalised, which i heard can be quite common for children below 5 yrs old.
the insurance that you're talking about that covers everything till she grows up, are you refering to education plan? usually such plans are investment linked. can't advise much on that coz i didn't buy a plan like this.
if you're otherwise refering to life insurance, it is not yet necessary to buy for a baby. education plan would be more relevant. i have 1 life insurance policy and i feel the purpose of me buying it is to cover my dependants if anything unfortuante happens to me.