3 Insurance Products that Every Stay At Home Mom in Singapore Should Have
When it comes to financial security, every Singaporean must ensure they have adequate measures in place to mitigate risks, should any arise. This includes the stay at home mom who is the backbone of her family. She looks after her spouse and children by ensuring they have warm meals on time and cosy beds to tuck into after a long, tiring day. While her day is equally exhausting and her duties often go unnoticed, it is important that her financial security does not go unattended to. One of the best ways by which the stay at home mum can stay financially safeguarded is through well-designed insurance planning.
With that in mind, let’s look at 3 insurance products that every stay at home mom in Singapore should have.
Integrated Shield Plan
With medical expenses on the rise, a basic MediShield Life cover may not suffice in providing you with adequate monetary support should the need for it arise. Therefore, every stay at home mum should also have an Integrated Shield Plan place that will truly offer her holistic financial protection in a medical crisis. Singapore has one of the world’s best healthcare systems but the costs for treatment can run into several thousands of dollars. Therefore, the ideal health insurance plan should offer coverage of at least S$ 1.2 million per year in medical costs. The policy should ideally also include pre- and post-hospitalization expenses and allow her to choose from the finest privatehospitals in the country.
Life insurance
Every stay at home mom requires a life insurance plan that will truly have her back in case of unforeseen circumstances. Now, it is a misconception that a life insurance plan only benefits the nominees if the policyholder passes. New age life insurance policies go far beyond that basic definition to usually include payouts for terminal illness, total and permanent disabilities, and even critical illness diagnosis. This coverage may be included by default or as a rider. Furthermore, investing in participating whole life insurance plans can see additional bonuses get accumulated during the term of the plan which can truly increase the value of the lump sum payout. Let’s look at an example of how this can help. If a stay at home mom requires treatment for a critical illness, her life insurance policy will pay a lump sum that can help her spouse manage the medical bills as well as allow her to rest and recuperate with the assistance of a domestic worker whose salary she can afford thanks to her coverage payout.
Maternity insurance
Every stay at home mom needs maternity insurance if she and her spouse are planning to have a baby. Maternity insurance in Singapore can offer coverage for a number of pregnancy-related health complications, congenital illnesses, and mental health issues associated with childbirth such as post-partum depression. Additionally, this type of insurance also includes protection for the new-born by offering a certain percentage of sum assured per day for complications such premature birth and neonatal jaundice, among others. The mother too receives a percentage of sum assured per day for hospitalization for conditions such as lactation mastitis. As pregnancy and childbirth are truly life-changing experiences for a woman, this type of insurance is a must-have for every stay at home mom in Singapore so that she can get the best in health care without worrying about finances.
Life can throw a great many number of challenges our way. The best thing that we can do is be prepared to face unforeseen situations head-on. A well-planned insurance portfolio can help you do just that. Speak to a trusted insurance advisor today to discuss comprehensive coverage options that will safeguard you and your loved ones. We hope this article has helped you. Take care.
