baby's finance

[babysparkz]

dear mummies..

medical vaccines can be covered by the baby bonus rite?
but then is there any insurance reco or investment plans needed to buy for baby?
i m mixing up this 2 terms...which of them actually cover everything til she grow up?
or should i get a financial planner?
any trusted words from experienced mummy??

thankies!

any other things to really take note..?

 

[diymummy]

hi babysparkz,

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 PD 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 abt 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.

 

[apollo]

dear mummies..

medical vaccines can be covered by the baby bonus rite?
but then is there any insurance reco or investment plans needed to buy for baby?
i m mixing up this 2 terms...which of them actually cover everything til she grow up?
or should i get a financial planner?
any trusted words from experienced mummy??

thankies!

any other things to really take note..?

regarding the baby bonus thingy, diymummy is right. but you've to ask your pediatrician if his clinic accepts CDA nets card anot 1st..

it's good to get a finance adviser to work out on which policy you should get for your baby. cos a finance adviser is not lik agent from various com lik AIA, prudential, NTUC etc... FA has various policies from diffe com for you to choose from so you can compare which is better and more affordable for you... while those insurance agent will definitely claim that their com provide the best policy in SG... =)

and i personally feel that medical insurance is much more impt than investment one... for investment, u can wait. unless u can afford to get both medical and investment at the same time if not get the medical one 1st.. =)

 

[Lynnie]

Hi Babysparkz,

I'm intending to get health and life insurance for my dd. My agent advised that the health policy is of utmost importance to babies, should they fall sick, the expenses might come up to quite a lot. Should budget allows, then you look into life and education plans.

Agree with Regina that FAs might be better advisors as they are nont tied to a particular insurance ageny. I didn't go to a FA coz my friend is an agent and i got it from her to support her.

 

[diymummy]

There're a few insurance companies in singapore. There're the big 4 (AIA, NTUC, Great Eastern and Prudential). These 4 companies do not allow independent FAs do their products. Independent FAs carry products from other companies that offer insurance, eg, AXA, HSBC and the works. So if you approach independent FAs, they can let you compare policies from various insurance companies, except those from the big 4. Even if they do have policies from the big 4 for you to compare with, you'll have to contact another agent from those companies to sign up for the policy.

 

[babysparkz]

alright..

i guess i just have to find a FA..
but do u all have any reco for which insurance company u all using..?
my dad got me great eastern when i was young..

 

[diymummy]

I have one policy with HSBC. That's the one I got from an independent FA. My FA is from the company "Promiseland". Their number is 6294-2461. My planner is Belinda Tan. I'm not sure if she's still there now. She seldoms call and check if I need other things. So currently hubby and I are with this agent called Goh Yan Keng from Prudential. This Goh Yan Keng guy is pretty good.. but of course, he only promotes Prudential products. Prudential is known to have the highest mortality rates among all other insurance companies.