Should We Buy Family Plan or Individual Coverage for Our Children?

Jiani Chong
Jun 6, 2024
3 min read

The idea of buying separate policies might seem appealing, but it can lead to hefty expenses. Instead, prioritize medical expense insurance for hospitalization needs.

If you are concerned about the hefty premium payouts, you may delay the purchase of a critical illness insurance plan as occurrences are lower among youngsters, and its main purpose is to provide financial support when the breadwinner cannot work to support their family during challenging times.

Considering the current lifestyle and my team’s expertise and experience, below are the 3️⃣ insurance plans that we recommend to buy for your children:

Integrated Shield Plan (IP)

Allows flexibility in private hospital, ward, and physician selection.
Elevates claim limits across various benefits.
Extends coverage to pre- and post-hospitalization treatments.
Procuring IP for children ensures coverage without exclusions.
Acquiring IP preemptively safeguards against later health conditions.
Premium costs rise with age but remain affordable for young children.
Opting for optimal coverage ensures peace of mind and you can review the policy later when your children start working.

Personal Accident:

Covers hospitalization and outpatient medical expenses from accidents.
Some policies extend coverage to specific infectious diseases like Dengue and Hand Foot Mouth Disease (HFMD), or even food poisoning.
Provides lump sum payout in case of death or total and permanent disability (TPD).

Life Insurance

Pros

Guarantees future insurability despite potential genetic medical conditions, occupational hazards, or take up a dangerous hobby later as an adult.
Serves as a provision against life uncertainties and fosters affordability by locking in low premium for life.
Includes funeral expenses within coverage.
A bigger portion of the premium will go toward the cash value when you buy a whole life policy for a child vs. an adult because the cost of insurance is still low, and there’s more time for the cash value to build.
This acts as a savings account, policy premium is augmented with interest payments from the insurer. When older, the child can access this cash value through withdrawals or loans against the policy.
Eventually, the ownership of the policy transfers to the child at a specified age, like 21 or 25.

Cons

Necessitates long-term commitment with consistent premium payments.
Modest coverage may prove inadequate as the insured becomes older and needs to shoulder more responsibilities.
Opportunity cost should be considered against higher-return investments.

购买单独给孩子的保单看起来会很全面，但也可能会导致过多的开支。相反，应优先考虑购买医疗费用保险以满足住院的开销。

因为未成年人患上严重疾病的比例较少，假如经济比较拮据你也可考虑推迟购买给孩子的重疾险计划。加上重疾险计划的主要作用是当养家糊口者无法工作时提供家庭财务上的支持。

考虑到当前的生活方式以及我的团队的专业知识和经验，以下是我们推介给你的孩子的3️⃣种保险计划：

Integrated Shield Plan（IP）

允许选择你想要的私人医院、病房和医生来治疗。
提高了各种福利的索赔限额。
将覆盖范围扩展到住院前后的治疗。
为儿童购买IP可以确保无排除的覆盖范围。
为儿童购买IP可预先保障以后的健康问题。
保费会随着年龄的增长而上涨，，但对于年幼的儿童来说其保费是比较负担得起的。
选择最佳的保障范围以保心安，加上当你的孩子开始工作时也可随时审查他的保单。

意外伤害报保险：

覆盖事故导致的住院和门诊医疗费用。
一些保单将覆盖范围扩展到特定的传染病，如登革热（Dengue）和手足口症(HFMD)，甚至是食物中毒。
在死亡或全残（TPD）的情况下提供一次性支付。

人寿保险

优点

保证将来的可保险性，尽可能保障以后可能存在的遗传性疾病、高危职业或成年后从事危险的爱好。
通过锁定终身低保费来保障生活的不确定性。
覆盖丧葬费用。
当为孩子购买终身保单时，保费的较大部分将投于现金价值，也因为保险费用仍然较低，加上现金价值有更多的时间来积累并通过保险公司的利息付款来增值，所以其保单也可充当孩子的储蓄账户。年龄大了以后，孩子可以通过提款或贷款来获取这笔现金价值。
最终，保单的所有权会在孩子的特定年龄（如21或25岁）转移到孩子名下。