Free insurance for your kid??

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Free insurance for your kid??

Postby Joze » Tue Sep 30, 2014 2:52 pm

Heard of the saying...anything that comes free, there's always a catch.

If you are a parent and intending, to buy a group insurance for your family. I heard Aviva gives free insurance to your child till age 21.

But there's a catch, once he is 21, should he purchase his own life policy, he needs to undergo medical underwriting and pre-existing illnesses in the past won't be covered -_-

Not sure about other companies, but I think Prudential, AIA and Great Eastern charge premiums for kids insurance - which are pretty cheap like 20+ a month and they can convert it to a perm life plan without medical underwriting ( AIA I know does this )

My friend and agent from AIA said AIA's Starshield insurance covers injuries arising from school or outside activities :D , also extends to common diseases like measles, dengue fever, handfoot and mouth etc.

Any other kids insurance that you feel is good please share

Joze
KiasuNewbie
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Re: Free insurance for your kid??

Postby concernedDAD » Wed Jan 07, 2015 12:09 pm

Am I still in time to try answer ur Qn? ;p Both plans u mentioned are totally different in nature.
Aviva free child cover u spoke of, is a family hospital plan (2 parents are already/ intend to be under Aviva) which gives free cover (which is usually paid with CPF Medisave under the other 4 insurers) for (max of) 4 children under its Plan 2, or government/ restructured ward.
When a child reaches 21, it will automatically be premium paying. No more free. It doesn't mean no cover or re-declare pre-existing. With the other 4 insurers, premiums for the kid(s) will be deducted as per normal from CPF-MA.
While its relatively cheap, 20yrs premium for a child is abt $2,660 based on today's calculation. If the parents have cash rider option A too (covering the co-insurance) child gets free too (worth $860 cash).
AIA StarShield Plus is a personal accident plan which includes certain illness like HFMD & hospital stays due to accident. It is not strictly a hospital plan.

concernedDAD
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Re: Free insurance for your kid??

Postby concernedDAD » Wed Jan 07, 2015 12:20 pm

If u r a business owner, u may wanna try including term cover for the family. Orherwise, check if ur company has this option, although its usually "given" only to senior management like Directors & key staff (based on my experiences with SMEs). Do note that this benefit is renwable every yr & subject to u working in the Company.

concernedDAD
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