Thursday, October 28, 2010

Insurance for premature baby

Hi Mr Tan,
I will like to find out if insurance companies offer policies for babies that were born premature. I have a 8-months-old baby that was born premature, and has been certified by the doctor to be healthy. I tried to apply for policies from a certain insurance company. However, the company has rejected my application "after very careful consideration." How should I proceed to get insurance for my baby?

It is better for you to save in a low cost investment fund to accumulate savings for your child. It gives you a better yield over the long term. You can use the savings for various purposes. In the case of medical care, you can see if your baby can be accepted for medishield. If not, you can take the risk on your own. If there is any serious medical condition (which is probably unlikely), the child can still be treated in subsidised ward (B2) and the cost is quite affordable, and can be paid out of Medisave and personal savings.

Read my book, Practical Guide on Financial Planning (available at

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