What insurance to buy for our young one
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my dad recommended me investment-linked product for my son. you have to pay minimum $150 per month. The per month payment is adjustable, you can increase or decrease. you can even opt for a premium holiday if you need (e.g. sudden retrenchment). planning to withdraw at 20 for his education if needed. other than that, we bought medical insurance.
my dad is a financial planner with ntuc income. he has been in this line ever since i'm born. if you need his contact pm me! :001_302:
NTUC Income | Savings and Investment Products | For Education and Retirement
my dad is a financial planner with ntuc income. he has been in this line ever since i'm born. if you need his contact pm me! :001_302:
NTUC Income | Savings and Investment Products | For Education and Retirement
My agent is also a mummy and her girl is 1 day older than my boy.
So I followed her recommendations because she knows what is necessary.
In order of importance:
1. Hospitalisation plan (MediShield, paid via Medisave, plus riders, paid additional in cash)
2. Personal accident plan (I started off with the most basic plan costing $10/mth then slowly upgraded when my pay increased)
3. Whole Life
Er, for the education policy, she was telling me to get 2 types.
First one is bought under one parent's name so in case that parent 'goes', the child's future education fees will be covered.
Second one is investment-link policy for the sole purpose of savings cos the returns are higher than regular education plans.
With better income now, we are buying all that she recommended (though some are not bought from her company cos she told us got better plans elsewhere).
When my boy was born, we only bought hospitalisation (medishield) and we only added the rider later on as we were not earning alot at that time.
Buy what you can afford first. Then slowly add on the others.
But hospitalisation is VERY important. Get that settled first.
So I followed her recommendations because she knows what is necessary.
In order of importance:
1. Hospitalisation plan (MediShield, paid via Medisave, plus riders, paid additional in cash)
2. Personal accident plan (I started off with the most basic plan costing $10/mth then slowly upgraded when my pay increased)
3. Whole Life
Er, for the education policy, she was telling me to get 2 types.
First one is bought under one parent's name so in case that parent 'goes', the child's future education fees will be covered.
Second one is investment-link policy for the sole purpose of savings cos the returns are higher than regular education plans.
With better income now, we are buying all that she recommended (though some are not bought from her company cos she told us got better plans elsewhere).
When my boy was born, we only bought hospitalisation (medishield) and we only added the rider later on as we were not earning alot at that time.
Buy what you can afford first. Then slowly add on the others.
But hospitalisation is VERY important. Get that settled first.
pullmeundertheglassmoon
New Member
I agree with stonston, buy what you can afford first.
Hospitalization is the 1st priority, so when my baby says "Hi world" in May/June 2011 I'm gonna get for him asap. I will get also critical illness just in case.
Perhaps to add on a bit for savings plans... Most plans for juveniles have riders to protect the payers, i.e before your baby reaches 21, if either of the parents go or got permanently disabled or critical illness, the premiums for the savings plan will be waived. Decide if you want just the parent who is paying or both parents if both are contributing to the plan. So for me I would save in Baby's name as premiums are lower.
Life plans, not so urgent. Unless you are planning to give your baby a gift by buying a plan and paying for it till he is 25 and takes over the plan. Or in this case the best case scenario is a limited life plan. But again, life plans are not urgent. strictly speaking life plans are for replacing loss of income for family, so baby doesn't work/contribute to family so no need for now (unless your baby is a child model/actor!!)....
My 2 cents....
Hospitalization is the 1st priority, so when my baby says "Hi world" in May/June 2011 I'm gonna get for him asap. I will get also critical illness just in case.
Perhaps to add on a bit for savings plans... Most plans for juveniles have riders to protect the payers, i.e before your baby reaches 21, if either of the parents go or got permanently disabled or critical illness, the premiums for the savings plan will be waived. Decide if you want just the parent who is paying or both parents if both are contributing to the plan. So for me I would save in Baby's name as premiums are lower.
Life plans, not so urgent. Unless you are planning to give your baby a gift by buying a plan and paying for it till he is 25 and takes over the plan. Or in this case the best case scenario is a limited life plan. But again, life plans are not urgent. strictly speaking life plans are for replacing loss of income for family, so baby doesn't work/contribute to family so no need for now (unless your baby is a child model/actor!!)....
My 2 cents....
I bought a medical plan (Incomeshield with rider for private hospital stay) as well as a life plan for my boy. The life plan is a limited life plan of 25 years, meaning, I will only pay the premium for 25 years and then he'll be covered for life. He won't have to pay any premium subsequently. There's a rider on the life plan that I bought that will take care of things if I pass on.
I'm also planning to put my education savings for him as a lump sum on a yearly basis to roll the interest of around 4%. Investment linked policies wise, I didn't go into it as I already own two myself...
Hoping to read and find out what else I've missed out to complete the protection for him.
I'm also planning to put my education savings for him as a lump sum on a yearly basis to roll the interest of around 4%. Investment linked policies wise, I didn't go into it as I already own two myself...
Hoping to read and find out what else I've missed out to complete the protection for him.