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Maternity Insurance: Do you really need it ?

How important is the coverage provided by an maternity insurance policy?

A new phase of life begins with parenthood, and all expecting mummy’s and daddy’s to be would do almost anything to ensure a little newborn is delivered healthy. But do you really need a separate Maternity Insurance policy to ensure that everything goes smoothly?

What is a Maternity Insurance Policy?

A Maternity Insurance can usually be purchased from the 13th to the 36th week of a pregnancy and usually exclude any known conditions before the policy is purchased. Coverage is provided for the mother as well as the expecting newborn.

Some insurers may bundle the Maternity Insurance policy with an Endowment, Life Insurance or Investment Linked Policy (ILPs). The bundled policy continue to provide coverage for the child after coverage from the Maternity Insurance policy ceased.

Reasons to getting a Maternity Insurance

Lump Sum Payout

The main purpose of the Maternity Insurance is to provide a lump sum payout for medical expenses, in the unfortunate event of pregnancy complication or congenital illness.

Hospitalisation Cash Benefit

Most of the Maternity Insurance available also provide a daily hospital cash benefit in the event that either the mother or child has to be hospitalised due to pregnancy complications or congenital illness.

Extended Coverage

For some insurer, coverage for the child can be up to age 3 years old. In the event that the child is born with a certain congenital illness, getting insurance coverage may be difficult and this coverage period helps to take some burden off the new parents in the short term.

One Single Payment

A single lump payment is all it takes to enforce the policy for peace of mind.

What else should you look out for?

Overlap of Coverage

There might be overlapping medical coverage from Medishield Life or the add-on Integrated Shield Plan, which also covers inpatient hospital charges. However, do note that the coverage included in a Maternity Insurance policy will be more comprehensive.

Read AlsoIntegrated Shield Plan

Additional bundled products

Some Maternity Insurance policies are bundled with an additional endowment or other insurance plans. Depending on individuals, such plan may or may not be an additional financial constraint to the soon-to-be parents as coverage or other financial needs for the child could already be catered for by other insurance policies.

Read AlsoSaving and Endowment

Starting period of coverage

Maternity Insurance policy coverage starts from the second trimester(13th to 18th weeks of pregnancy, differing among insurer), any congenital defect identified prior to the start of coverage may void the policy.

What are the alternatives?

If you have decided not to fork out an additional budget for a maternity insurance, consider a Whole Life or Investment Linked Insurance Policy instead. For newborns, both options allow high coverage for as low as S$100 a month while compounding returns in the long run:

Whole Life Insurance policy allows for a stable growth of funds which accumulates over time. As the child ages, the Whole Life insurance policy can be surrender for cash value in times or needs or retirement.

An Investment Linked Policy, on the other hand, may allow for higher capital appreciation due to its investment nature. Ensure that your financial adviser balances your Investment Linked Policy regularly for optimum growth.

Read AlsoWhole Life InsuranceInvestment Linked Policy Insurance

The Bottom line

Maternity Insurance is not a “must-have” policy at any cost. However, the premium paid is neither significant nor recurring.  If plans are in place to purchase an Endowment or Whole Life Policy for child future needs, the case for Maternity Insurance will be more compelling.

 

Considering Maternity Insurance or coverage for your newborn?

Drop us a message if you need more details or advice from an licensed financial adviser.

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