Usually, a new couple’s first goal is to get their own home. Unfortunately, Singapore has one of the world’s heftiest property price tag. Although wages in Singapore has been increasing steadily over the past few years and housing prices have been falling somewhat, saving for a house still seems like a monumental task for everyone except the uber-rich.
Obviously you will need to get the money first to purchase a house, but you should also carefully consider the types of insurance policies that you’d like to purchase to protect your future home. After all, what’s the point of saving so much for so long if everything can be taken away from you by an unfortunate disaster or by an inability to pay off a future mortgage?
The next thing to consider is the risk of you or your partner falling with a major illness or disability. Raising a young family is no small feat, and falling ill will simultaneously reduce a source of income and adding a burden to the family. Considering the myriad of complications that regularly accompany critical illnesses, it is very important to own an insurance policy which covers critical illnesses to assist with the treatment costs.
Many associated complications can be debilitating to the patient when they reach the latter stages. A combination of them can instantly jeopardise someone’s career and empty or at least reduce the family income just when money is needed the most for treatment. To protect oneself and one’s family for such situations, a complete health insurance package is needed. Not only will it cover your own hospital costs, giving yourself and your family some peace of mind from not having to think about the financial burdens, it will also ensure that your family will be well-provided for should the worst happen.
Finally and perhaps most importantly, parents need to take steps to mitigate risks faced by their children. If you are a parent or thinking to become one, you should definitely consider getting an insurance package which focuses on early protection for critical illnesses specific to juveniles. One good point to keep in mind is to look for one which ideally cover developmental conditions found to be common in Singapore, such as dyslexia, autism, and ADHD. Of course, it will be better if the package also covers many of other possible conditions, which may include aplastic anemia, haemophilia, leukaemia, paralysis, Kawasaki disease, asthma, epilepsy, Still’s disease, meningitis, Wilson’s disease, tetanus, and diabetes mellitus. Having an extensive insurance coverage can really go a long way in helping you pay for treatment and therapy expenses in the years ahead.
If you’re looking for a childcare centre for your child, check whether the childcare has any kind of insurance policy should anything unfortunate happen. If they don’t, this may be a red flag. If they do, ask them to explain in detail the terms and conditions of their policy and how they affect you specifically. For example, what will happen if a natural disaster strike? If your child is injured in any way while in their care, will there be hospital coverage? What will happen in the event of a fire? Also consider getting your own private insurance to protect your kid, with the same considerations as above. While we take steps to ensure that we put our children in the safest childcare possible, it doesn’t hurt to be prepared.
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