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Singapore | Do Newborns Need Insurance?

New parents often ask, “Do newborns need insurance?” The answer depends on your financial situation. The purpose of insurance is to transfer the risk of financial loss. Parents need to consider if they can afford the medical expenses if their child unfortunately requires treatment due to an accident or illness. Do you need insurance to share this risk? If you’re still unsure whether to insure your child, read this article before making a decision!

Reasons for Newborn Hospitalization

There are many reasons why newborns may need to be hospitalized. The most common is “respiratory diseases,” such as bronchitis, croup, asthma, flu, and pneumonia. Other common reasons include “infectious and parasitic diseases,” “endocrine, nutritional, and metabolic diseases,” and “digestive system diseases.” The fourth most common reason is “conditions originating in the perinatal period,” which refers to complications due to premature birth, such as insufficient gestational age and low birth weight.

Why Do Newborns Need Insurance? Which Types Are Essential?

Newborns are susceptible to viral infections, respiratory diseases, and more, which can sometimes require hospitalization. Buying insurance for newborns helps parents share the cost of medical and caregiving expenses, ensuring that the child can receive higher quality medical care. Generally speaking, basic medical insurance, accident insurance, and critical illness insurance are essential for newborns.

When Is the Best Time to Buy Newborn Insurance?

The best time to buy newborn insurance is from the 13th week of pregnancy. Therefore, it is recommended that parents plan their insurance coverage before the child is born. As soon as the child is born, register their birth and complete the insurance application to activate coverage as early as possible.

What Should New Parents Pay Attention to When Insuring Their Newborn?

New parents need to be well-prepared before purchasing insurance. Determine the insurance needs and make the relevant plans before the baby is born. Apply for the baby’s birth certificate and complete the newborn screening as soon as they are born. Obtain the baby’s identification number and insure them as soon as possible.

Insurance Needed for Infants

Infants, like adults, face various risks of illness and accidents. The recommended insurance types, in order of priority, are as follows:

  1. Hospitalization Insurance: Infants have an immature immune system, leading to higher medical risks. Hospitalization insurance is the most important, especially since many new treatments require out-of-pocket expenses.
  2. Accident Insurance: Infants are more vulnerable to accidents. It is recommended that parents purchase accident insurance, which includes coverage for burns, hand-foot-mouth disease, and reimbursement for accident-related medical expenses.
  3. Critical Illness Insurance / Cancer Insurance: Although the incidence of cancer in infants is low, the treatment costs can be very high if it occurs.
  4. Life Insurance: The purpose of life insurance is to leave a sum of money to the beneficiary in the event of the insured person’s death. If the parents have a sufficient budget, they can purchase life insurance for the baby after birth.

Don’t Forget Parents’ Own Protection

Parents often think about transferring risks and purchase various insurance policies for their newborns as soon as they are born. However, it’s more important to ensure that the parents themselves have adequate protection. As the primary source of income for the family, parents need insurance even more than their children!

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Singapore | Do Newborns Need Insurance? — Engage

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策