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“Do you really need maternity insurance?”

“Do you really need maternity insurance?”
I had Integrated Shield Plan with riders and also there are Medishield Life coverage, “Do you really need maternity insurance?” That is always the first question I am asked.
Indeed, Shield plans do provide coverage related to pregnancy complications as listed within the insurer scope but what next? What will be beyond shield plans? After reading this post, you may have a better understanding on these plans.
What is Maternity Insurance?
It is a standalone plan that provides coverage for expectant mother and the child upon birth. The coverage includes death and pregnancy complication as well as congenital illnesses and hospitalisation for the newborn. The plan generally covers up to the third year after inception.
The listed pregnancy complications and congenital conditions vary among different insurers therefore I will not list them all out as it is not always the insurer with the most covered conditions’ policy will be suitable for you.
What is beyond this standalone Insurance?
Some insurer offers bundled Maternity plan with a participating whole life plan or investment-linked plan. These plans can be your consideration factor if you are intending to provide additional coverage or for potential higher investment returns for your child in the future. Before the child is born, this policy will provide coverage for the mother. After the child was born, the policy can be transfer to the child with or without medical underwriting (depending on the insurer policy). Additionally, some insurers offer a Guaranteed Insurance Option (“GIO”) without medical underwriting for a shield plan for the baby.
Most parents will normally opt for tests like the OSCAR or Harmony to detect syndromes or abnormalities. However, there may still be some conditions that are not detected or develop until after birth.. These conditions may pose challenges for insurance acceptance in the future. When considering these plans, note that entry is generally from week 13 of pregnancy until week 36.
This is a sharing post and does not constitute to any financial advice. Please consult with your trusted financial advisor for more comprehensive planning.

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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Elvin Huang 黄暐硧

I am Elvin Huang. Financial Advisory Manager, boasting over 10 years of invaluable experience. Specializing in guiding young professionals and parents towards early retirement, my expertise lies in simplifying intricate financial matters. From budgeting and investments to insurance and retirement planning, I bring a wealth of knowledge to tailor personalized strategies.

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  • 我已阅读并理解鑫盟理财私人有限公司的个人数据保护政策，并同意鑫盟理财私人有限公司根据个人数据保护政策所阐述的用途使用我的个人资料。
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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
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
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  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
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  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标，财务状况或其特定需求等考虑在内。
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  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
  • 在与鑫盟理财进行讨论或签订合约时，您应确保您已完全遵守并将继续遵守您所在原居住国的所有适用法律及条规。

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