.webp?language=en){kind=small}
How Early Should I Buy Baby Insurance?
As soon as you can - that's when to get baby insurance for your newborn.
Key takeaways
Insuring your child as a newborn is the most cost-effective strategy. Because babies are considered low-risk, you can secure significantly lower premiums that increase as the child gets older.
By insuring your baby at birth, you provide them with a "fresh slate". This ensures they receive comprehensive coverage before any health conditions or accidents can be flagged as pre-existing exclusions.
With newborns being more vulnerable to illnesses and accidents, early coverage through plans like Enhanced IncomeShield ensures you can focus on your child’s recovery in comfort rather than worrying about hospital bills.
When we welcome a new baby in our lives, our joy increases but so do our responsibilities. Apart from feedings, diaper changing and other day-to-day caregiving, another area we are responsible for is protecting our children, in ways both big and small. Part of that means planning for unforeseen circumstances to help ensure our children’s futures are secure.
That’s why buying baby insurance is an important and necessary way to protect your child should anything untoward happen. When considering when to get insurance coverage for your child, the answer is: as early as possible. Here’s why.
Enjoy lower premiums when you insure your child as early as possible
The perfect time to buy insurance for your child is when they are babies because the premiums will be significantly cheaper then. In fact, the younger your child is, the lower the premiums tend to be because a perfectly healthy baby is considered a low risk to insurers.
On the flipside, you will likely pay a higher premium if you only choose to purchase insurance for your child, when he/she is older.
No exclusions when you buy insurance for a baby
Did you know that your baby can enjoy full insurance coverage without exclusions? While insurers typically do not cover conditions or illnesses that you have prior to buying their plans, babies are considered to be “fresh slates” – most of them do not have existing conditions that will result in exclusions for health coverage.
In contrast, the longer you wait before insuring your child and the older they get, the higher the possibility that unexpected health conditions or accidents may occur – resulting in exclusions for health coverage.
So, why not buy insurance for your baby as early as possible, enjoy full coverage without exclusions, then live with peace of mind that if any health conditions were to develop in the future, your child will be covered?
Protect your child as early as possible should anything happen
Having your baby fall sick or hospitalised is a tough situation on its own. It’s emotionally, physically, and mentally draining on little ones and on parents too.
Indeed, newborns are more vulnerable to falling sick because their immune systems are still developing. And as many parents of tots can attest, active crawlers and budding walkers can be especially accident-prone. For newborns, even a high fever may lead to a hospital stay for further observation.
No one wants to worry about costs when their child is ill – which is why parents should not overlook purchasing baby insurance as early as possible. Buying baby insurance helps you prepare for unforeseen circumstances so that you can better focus on your child’s full recovery in comfort, instead of being bogged down by financial worries.
Baby insurance plans to consider
Enhanced IncomeShield
Enhanced IncomeShield is a MediSave-approved Integrated Shield Plan that gives you the assurance that your hospital and surgical expenses1 are well taken care of. Plus, receive coverage with no lifetime limit2, so you are relieved of the financial burden if something unforeseen happens.
Supplement your Enhanced IncomeShield with Optima Care rider for greater peace of mind with these exclusive benefits3:
- Receive a one-time Critical Care Benefit4 of up to S$50,000 if the insured child requires an intensive care unit (ICU) or high dependency unit (HDU) stay of four days or more in one hospital admission.
- Enjoy a one-time Autism Testing Benefit5 reimbursement of up to S$1,000 with a ten percent co-payment if the insured child undergoes an autism test.
- Get extended protection with added pre- and post-hospitalisation coverage6.
Rest assured, whether you have made numerous claims or none at all, your future premiums are unaffected by your claims history7.
IncomeShield Standard Plan
Alternatively, you can consider IncomeShield Standard Plan, which provides affordable protection for your medical and hospitalisation expenses in the Class B1 ward.
As with Enhanced IncomeShield, IncomeShield Standard Plan also offers coverage with no lifetime limit2 and access to our panels8 of over 600 specialists across various specialties and sub-specialties in private practice island-wide.
Protect mum & baby before the birth with Maternity 360
That said, protection for your baby doesn’t have to begin after birth. In fact, many expectant mothers start insuring their unborn babies early on. Pregnancy is a time of anticipation and the last thing you want to be doing is worrying about possible complications before or after birth.
Income’s Maternity 360 plan protects both mother and baby with three years of comprehensive coverage with just a single premium. You can sign up for Maternity 360 from as early as 13 weeks into your pregnancy and enjoy 100 percent of the sum assured for pregnancy complications such as abruptio placentae, acute fatty liver of pregnancy, postpartum haemorrhage requiring hysterectomy, and more.
Maternity 360 even offers outpatient phototherapy benefit should your baby require phototherapy treatment for neonatal jaundice. Both you and your child will even be provided with hospital care benefit for greater peace of mind.
As parents, we are devoted to truly caring for and protecting the health of our babies.
Buying baby insurance as early as possible allows you to do that, and it also makes more financial sense because of the lower premiums and full coverage without exclusions, which really only applies to babies. Furthermore, in the stressful event of hospitalisation, baby insurance frees you from worrying about the financial cost while your child is recovering.
Need help in choosing the right insurance policy for your baby? Consult our advisors today.
Frequently Asked Questions (FAQs) about baby insurance
1. When is the earliest I can start insurance coverage for my child?
Protection can begin even before your child is born. Expectant mothers can apply for Maternity 360 from as early as 13 weeks into the pregnancy. This plan provides three years of coverage for both the mother and the newborn, specifically addressing pregnancy complications and congenital illnesses. For hospitalisation and surgical plans like Enhanced IncomeShield, parents can typically apply for their newborn as soon as the child is 15 days old or has been discharged from the hospital, whichever is later.
2. How does a child’s age at the time of application affect policy premiums?
In the insurance industry, premiums are generally calculated based on the age of the insured at the time of the application. For many life and health insurance products, premiums for infants and younger children are often lower than those for older children or adults. This is because younger individuals are statistically considered to be at a different risk level than older age groups. Purchasing a policy earlier in a child's life may allow parents to secure these entry-level rates.
3. What is the impact of waiting to buy insurance until a child is older?
Waiting to purchase insurance may affect the scope of coverage your child receives. Most health insurance plans, including IncomeShield Standard Plan, do not cover pre-existing conditions—medical issues that exist before the policy begins. By applying while a baby is a "fresh slate" and generally healthy, there is a higher likelihood of obtaining full coverage. If a child develops a medical condition or meets with an accident before a policy is in place, those specific conditions may be excluded from future coverage or result in higher premiums.
1 Subject to precise terms, conditions and exclusions specified in the policy conditions for Enhanced IncomeShield and riders.
2 Subject to policy year limits and any benefit limits.
3 Applicable only when you add the Optima Care rider to your Enhanced Preferred or Enhanced Advantage plan.
4 Critical care benefit is only payable for insured up to age 18 (next birthday) for the relevant plan. If the insured requires a stay in an intensive care unit (ICU) or high dependency unit (HDU) for a total of 4 days or more in one hospital admission, we will pay the benefit as shown in the policy conditions. The stay in the ICU or HDU must be confirmed as necessary medical treatment. We will not consider a stay in ICU or HDU as necessary medical treatment if the insured can be safely and adequately treated in any other facility. This benefit is not payable for the following:
- the insured suffered symptoms of, had investigations for, or was diagnosed with illness any time before or within 90 days from the start date of this rider (except for accidents).
- claims for overseas treatment, including emergency overseas treatment.
This benefit is only payable once in the lifetime of your policy. Co-payment is not applicable for this benefit.
5 Autism testing benefit is only payable for insured up to age 18 (next birthday) for the relevant plan. This benefit is payable if the insured undergoes an autism test, on a reimbursement basis, up to the limits for the relevant plan shown in the policy conditions. There must be a referral from a paediatrician for the autism test. This benefit is only payable once in the lifetime of your policy. You will have to make a 10% co-payment for each claim for this benefit due under your policy. Please refer to the policy conditions for further details on the co-payment limit.
6 Pre-hospitalisation and post-hospitalisation benefit is only applicable if your plan is either the Enhanced IncomeShield Preferred plan or the Enhanced IncomeShield Advantage plan. This benefit applies on top of the pre-hospitalisation treatment benefit and post-hospitalisation treatment benefit covered under your Enhanced IncomeShield Preferred plan or Enhanced IncomeShield Advantage plan (where applicable), up to the limits shown in the policy conditions. Please refer to the policy conditions for further details.
7 The premiums of Enhanced IncomeShield are based on factors such as medical inflation and overall claims experience. There is no additional premium loading on individual policies that have made claim(s).
8 Panel or preferred partner means a registered medical practitioner, specialist, hospital or medical institution approved by us. Our list of approved panels also includes all restructured hospitals, community hospitals and voluntary welfare organisations (VWO) dialysis centres.
Extended panel means a registered medical practitioner or specialist approved by us to provide cover for the benefits under this rider. The registered medical practitioner or specialist must not also be on our lists of approved panels or preferred partners and must meet other criteria, including being on another Integrated Shield Plan provider’s panel list.
The list of our approved panels, preferred partners, and extended panel can be found at income.com.sg/specialist-panel. We may update this list from time to time.
This article is meant purely for informational purposes and does not constitute an offer, recommendation, solicitation or advise to buy or sell any product(s). It should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income Insurance products mentioned are specified in their respective policy contracts. Please seek independent financial advice before making any decision.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income Insurance or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
.webp?language=en){kind=small}
.webp?language=en){kind=small}
