Thursday, August 07, 2008

Insurance for a child

Dear Mr. Tan

I would appreciate if you could advise me on what insurance package/company should I take up for my new born son. I'm overwhelmed by the different insurance packages and companies in the market.

REPLY

Read this FAQ
http://www.tankinlian.com/faq/childlife.html

1 comment:

zhummmeng said...

First thing first get him an H&S medical.. Medishield or a private medical plan , that is all your son needs now... all other insurance plans insurance agents will be suggesting to you , tell them to go fly kite ... he doesn't need them.
Don't let them play on your emotion. You are VERY vulnerable now and irrationally emotionally excited but use your head. Medical plan is all your son needs, maybe go for NTUC enhanced incomeshield.
Another thing to consider, now that you are a father... there is another mouth to feed , another dependent, make sure that you are adequately covered . The amount of coverage depends on how many dependents you have, your child's future tertiary education. You can include your wife's retirement if she plans to remain a housewife for life. There is a lot of insurance you need. Make sure it is term insurance and to buy all you need at this point of your life. Don't let insurance agent con you into buying wholelife and cause you to be under insured. $500K?,this is the likely amount you need,you pay about $40 a month. If you buy whole life your family is condemned if you should suddenly leave them. Don't take risk and don't risk your family's future. Insurance is about protecting you and your family and not about protecting the insurance agents' pocket and not about wholelife insurance or limited payment wholelife.. Be alert and don't fall for the trap... Agents are so well trained with their tongue that they can lure birds down from the tree.
All the best. Look for an honest and competent adviser and ask the adviser if he or she is qualified to advise on insurance. You may think you are asking the obvious.That is what many consumers make wrong assumptions . Advising on insurance planning and selling and pushing insurance products are two different things altogether and miles apart. Make sure you get one that advises on insurance planning.If you are not sure come to this blog and seek the advice of Mr. Tan before committing anything.
All the best.

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