Many people understand the importance of insurance. In an insurance program, you pay premiums based on your insurance policy and, in return, get financial protection in times of need or emergencies. Insurance policies will provide coverage to you and your family during unexpected events.
Most adults in Singapore have coverage from insurance policies. However, what about babies? There lies huge responsibility and importance in providing coverage to babies. Being an adult, you must have an insurance policy, and you also need to provide new-born insurance to your baby.
What are the benefits of buying an insurance policy for babies?
The following are some of the benefits of buying an insurance policy for babies:
- By buying an insurance policy for your new-born, you get financial protection from all the medical expenses related to the new-born baby.
- The most important benefit is you will be at peace. You need not have to worry about finance in case of emergencies. You will also feel secure and protected knowing that your baby is protected.
- The premiums of the insurance policy for a new-born are relatively less in amount.
- You also get cost coverage for pre-hospitalization and post-hospitalization.
- The insurance policy for babies also covers ambulance charges.
- You can celebrate the journey of parenthood with the arrival of your new-born baby without having any stress over finances.
Thus, there are lots of benefits involved in buying insurance for babies. As parents, you may feel secure emotionally and financially after buying insurance for your baby. So to have security during the birth of your baby and to enjoy the benefits of buying an insurance policy, you must take new-born insurance.
What are the documents required for buying health insurance for new-borns?
To buy insurance for your new-born baby, you need to submit these documents to the insurance company:
- Birth certificate of the baby
- Photograph of the baby
- Document of maternity discharge
- Health reports of the baby
- Other documents as asked and needed by the insurance company
What are the factors you should consider before buying insurance for babies?
Buying an insurance policy for an adult can be different from buying new-born insurance. Before buying any kind of insurance policy for your new-born, you must consider these factors:
- Waiting period
Certain insurance providers have a waiting period. A waiting period is a certain point of time where you cannot avail the benefits of the insurance. After the waiting period is over, your baby can qualify for insurance protection. However, the waiting period is different from insurer to insurer, and you can ask them before taking an insurance policy for your new-born.
The premium is based on the medical records of the baby. After the baby is born, you have to submit the new-born’s medical records. The insurance company will check whether the baby has any genetic liability or illness. Some insurance companies also provide coverage for the babies as an extension of the parent’s insurance policy.
Some insurance companies provide coverage to new-borns after they have attained the age of ninety days. You must consider the earliest insurance coverage for your new-born. If your baby is born with a condition which needs early treatment, it will be beneficial to take early new-born insurance. The total coverage may differ from insurer to insurer.
- Terms and conditions
Last but not least, it is very important to read all the terms and conditions of the insurance policy before buying it before your new-born.
You must consider all these factors before buying an insurance policy for your new-born. Don’t get worried after reading the factors. Many insurance companies will provide you with a great deal and coverage for you and your family.
The born of a baby is a celebratory moment for the parents. It brings lots of happiness. But with happiness comes additional responsibilities. So as a parent, it is very important to take a sensible decision and buy insurance for your new-born baby, which will provide extensive coverage to your baby at an affordable price.
The journey of parenthood can be overwhelming. It is full of responsibilities. But you also need to buy new-born insurance to make this journey more smooth and easy for you.
Summary of the article
Future planning and security is the most important thing when planning to have a baby. As parents, you must work towards making everything secure and perfect for your new-born baby. And to make your baby’s life secure, you should buy insurance for your new-born.
In the article, the benefits of buying insurance for a new-born are discussed elaborately. The article also consists of information on the documents required for buying new-born insurance.
You also need to look out for the factors to consider while buying insurance for your new-born so that you don’t have to face any difficulty in the future.