There are much dilemma in parents when they first found out that they are pregnant if they should buy Maternity Insurance Protection Plans.
What are such Maternity Insurance Plans I am referring to. I am referring to those insurance plans which protects the baby for congenital diseases and pregnancy complications for the mommies. And the maternity plan will convert into a Whole Life Investment Linked Policy once your baby is born.
Should we get such plans?
My take is Yes.
Many people may deter from this insurance product due to the argument that - the claimable amount for such plans if claims is due to pregnancy complications or congenital diseases is not large.
So, why is it still a important plan to have?
We must go back to the reason of the Purpose of such insurance policies. Such insurance policies available in the market now are like 'Pru1stgift' from Prudential or 'Mom's Advantage' from AXA. Prudential was the 1st company whom came out with this protection plan.
1. The Purpose of such plans is for the benefit of your unborn child.
Purchasing a Maternity Plan which guarantees a Promise of Protection for your unborn child regardless of baby's health even after birth.
There are essentially a lot of unknown if you have ever been pregnant before or currently you are pregnant. You know that you can only rely on your regular doctor's visits and yet after 50 visits, you also do not understand how to read the sonogram. We are all reliant on what our gynae tells us.
There are many sad and unfortunate stories which you and I have heard of, of how the baby was well a week ago and a week later, the baby passed. In most situations, the babies are alive but perhaps have some very common congenital diseases. For eg, Hole in heart. Or even cleft lips.
Inasmuch as the baby did not have that choice of which to decide if he/she would have congenital diseases, we as well cannot control such issues. And unfortunately, these babies will have difficulty to the point the high chance of uninsurability.
So example: if I planned (purchased) a Maternity Plan at baby's pre-birth, and it say it so happens at one stage of the pregnancy, or when my baby is born, we discovered that the baby has some sort of congenital disease, my baby will still qualifies (despite to his/her congenital defect/disease) to own that whole life insurance protection I bought for baby before baby was born.
2. Something Is Better Than Nothing
Most children can grow out of their congenital diseases, some don't. But even so, there will always be a long long remission period. While, there are those who discovers that they have congenital defects perhaps at age 35 during a full medical checkup.
Yet, those who have had their parents who purchased the Maternity Policy for them (pre-birth) will always at the least have a whole life insurance policy, if they can never be eligible for any life protection policies.
Something is always better than nothing. Imagine in future when our babies grow up to have their own families, the only policy which safeguards them is the one which you have purchased for them because they could not be eiligible for any other new policies due to past medical history records.
3. Don't give yourself that regret.
I regretted not purchasing it early before my diagnosis at first trimester.
Because I am a consultant still in the financial industry, I am very well-informed. But yet complacent. When I was pregnant, I knew I wanted to purchase the maternity plan for my baby. But I procrastinated because everyday I told myself 'aiya... I can just do it anytime I wanted.' Lo and Behold, at my late 1st Trimester, I fell very sick and went for a blood test and got diagnosed with GD (Gestational Diabetes). The unbelievable truth not only shocked me because I felt so physically fit, I also felt sense of guilt and regret. Because I knew that if my son would happen to have any congenital diseases/defect, he would have no insurance at all. And for him to know that it was due to my complacency and procrastination. So mommies, dont follow my footsteps. Insurance is indeed while stocks(health) lasts!
SO! Dont shrimp over the insurance premiums. A portion of our finances will always be money we have to spend but remember that we definitely can make it money well spent! Insurance is a gift of love.
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11Years in the Financial Industry
Qualified To Show and Tell.