No one ever plans to have a baby. But if you are pregnant and plan on raising that child, it’s worth considering all of the different factors involved in its development. And as any good parent would tell you, a secure financial future for your baby should definitely be among them. That’s where maternity insurance in Singapore comes in. In this post, we’ll discuss what maternity insurance is and why you should have it for your baby.
What’s Maternity Insurance?
Maternity insurance is similar to term, or life, insurance in the sense that it’s a type of insurance that is designed to cover an accidental loss of income during pregnancy or after the child ends. It’s different from bereavement insurance because it’s focused on covering unplanned income loss instead of sudden death.
What are the benefits of having maternity insurance in Singapore?
1. Helps protect against financial loss
Maternity insurance is designed to pay a lump sum of money in the event that something goes wrong with a pregnancy or birth. This provides a lot of relief because usually, any medical incident is going to be expensive.
Let’s say you suffer a miscarriage or your child suffers from some type of serious illness. That could easily cost you tens, if not hundreds, of thousands in medical fees and hospital bills. A maternity policy will help protect against those losses.
In the case of a miscarriage, it will pay you a lump sum of money to help with the loss of income that results from the inability to work.
2. Peace of mind
Most people don’t have tens of thousands of dollars lying around in the event that they need to pay for a serious medical issue. That’s why it’s so important for someone who is pregnant to protect themselves against potential, unplanned expenses. Having maternity insurance can help you feel more secure about the future when it comes to your little one.
3. Lessen the psychological burden on your spouse
If you’re the wife, chances are you’ll be more worried about your husband if something happens to you during pregnancy. It can be hard on him as well, especially if he’s not working at the time. Having maternity insurance will help alleviate some of that burden.
4. Keeps you sane
No one likes to think about things going wrong. It’s better if you don’t have to worry about things like that. Having maternity insurance helps keep your mind at ease because the issue is handled financially and not emotionally. This can help you avoid future stress if anything does go wrong with your pregnancy or birth after your policy has expired.
5. Helps you save a little more money
When you have an emergency, it’s not just your health or future which is on the line. It could also affect your family’s income if something happens to you. If you’re planning on having a baby soon, then you may want to consider purchasing maternity insurance for yourself in case anything does go wrong during the pregnancy or after the child is born. This way, if anything does happen, your family won’t have to worry about any financial repercussions.