As proud parents (especially first-timers), it is not uncommon for us to overbuy clothing or toys that will see little use as our little ones outgrow them quickly. The same applies for items such as a stroller or baby crib.
According to an article by The Straits Times, “from one to three years old, the size of the feet changes every six months”. During a child’s peak growth years (around age 13 for boys and age 11 for girls), boys grow an average of 3.7 inches a year, and girls grow an average of 3.3 inches, according to an American Academy of Pediatrics study.
That’ll probably involve a lot of shopping in the kid’s department. Parents interviewed for an article in a local financial portal estimate that they spend 20% of their expenses on kids’ material needs. An average of $800 goes to buying a pram for an infant and $300 per month is spent on food and clothing during the pre-primary to secondary years.
While items like kids’ shoes can’t be transformed into adult footwear, these days you’ll find other ingenious products that adapt to kids’ changing needs and stretch your budget.
One of the best-selling furniture items in Norway is an adjustable high chair that can be used from age zero to infinity. Another popular USA children’s furniture brand also offers a baby crib that can be converted from toddler’s bed to adult bed headboard.
Our priorities and requirements in life change over time so it makes more dollar sense to invest in something that will be flexible enough to last a lifetime.
The same goes for financial investments. Especially for parents who have to juggle multiple responsibilities and commitments, you may neither be able to afford the hassle of managing different financial policies, nor want to be straddled with a plan that you bought in your earlier years which no longer meet your needs.
You’ll want a practical solution that stays relevant and offers protection throughout your life’s seasons, whatever your changing needs may be.
When supporting financially reliant dependents, e.g. schooling kids or ageing parents, your PROTECTION NEEDS will be the highest.
After your children finish tertiary education and become financially independent, you will want to start thinking about WEALTH ACCUMULATION to be ready for your own retirement.
A Financial Plan that Meets Your Multiple Priorities in Life
AIA Pro Lifetime Protector is an affordable investment-linked plan that provides a one-stop protection and wealth accumulation solution that evolves from one life stage to the next, so you can stay on top of changing needs.
It is also suitable for kids since the cost of protection will be much lower when starting from a young age. They also enjoy a much longer runway to grow their education fund.
#1 Offers added flexibility
Choose higher protection for death, disability and critical illness in the plan’s earlier years, then reduce your coverage to maximise your investment returns in the later years for wealth accumulation towards retirement.
A choice of riders, including one that offers the highest early critical illness coverage in the market of S$350,000, can help provide you with even more comprehensive cover for multi-stage critical illness1. This rider also comes with a reset feature that allows multiple claims for multi-stage critical illness cover of up to 200%. With critical illness survival rates increasing due to medical advancement and early detection as reported here and here, policyholders can focus on recovery without worrying about additional medical costs as well as cover living expenses especially if you need time off work to focus on recovery.
If you’re buying for your child, AIA offers a new rider specially built for the little one to that is first-in-market to cover three developmental conditions – dyslexia, autism and ADHD. It also covers 25 child medical conditions all the way until your child reaches 21 years old for that added peace of mind.
Moreover, you get the flexibility to make withdrawals from the cash value of the plan or take a break from paying premiums to take care of other financial commitments.
#2 Simplifies investing
Worried that you may not have the know-how or time to make your money work harder for you? Optimise your long-term investment returns by tapping on the professional expertise of AIA’s global investment consultant partner, Mercer. Customers will get access to guided portfolios designed to suit different risk appetites and investment horizon, giving you the assurance to meet potential investment upsides rationally.
Get to grow your investment in a methodological and structured manner, with dollar-cost averaging to help even out market volatility.
Stay on top of your changing needs with lifetime protection. Find out more about AIA Pro Lifetime Protector here.
<KiasuParents x AIA Exclusive Contest> Win a WMF Perfect Plus Pressure Cooker (Made in Germany, worth S$599)
We know busy parents like you don’t have much time to slave over the kitchen stove. The WMF Pressure Cooker will help you whip out nutritious meals for your family in double-quick time… just like how AIA Pro Lifetime Protector helps you save time and effort, while helping you meet your financial needs.
Simply answer a short question in our contest and the best answers will stand to win 1 prize each.
About the WMF Pressure Cooker Cooking in a pressure cooker is the modern, quick and healthy way to cook. The extreme pressure and high temperatures reduce conventional cooking times by up to 70 per cent – while saving approx. 50 per cent energy. Gently cooking preserves most of the vitamins, minerals and nutrients, making food nutritious and tasty. Practical: pressure cookers are ideal for preparing virtually all types of food – from vegetables, meat and fish, to grains and pulses, to soups and stews. Even special dietary or baby food turns out great.
The control elements are housed in the handle, the rings on the clear cooking indicator show the different settings and the residual pressure safety mechanism, and thanks to the flame-retardant handle on the pot and side, WMF Perfect Plus is also suitable for use on a gas hob. A TransTherm® universal base makes them suitable for use on all types of hob. Cleaning is also as easy as 1-2-3: simply remove the handle and rinse under running water and place the lid and pot in the dishwasher.
1 For the list of covered conditions, please refer to the respective product summaries. The AIA Double Critical Cover rider will terminate upon payment of 200% of the coverage amount.