Insurance for newborns
Here are a few types of insurance that you may consider for your newborn:
Getting a health insurance plan for your newborn should be a priority as newborns are prone to accidents in their early growth stage and diseases as they begin attending playgroups and nursery schools. A comprehensive medical plan should cover hospital stays and optional outpatient visits, depending on your budget. Most of the VHIS plans allow newborn to enroll 15 days after birth.
While it may seem early to think about critical illness insurance for your newborn, it can provide income protection in the event of a serious illness which requires parental care. Moreover, the premium required is much lower than that of an adult. If all goes well, a critical illness plans with saving elements can serve as a savings plan.
You can start plan for future education expenses if budget allows. There are many flavors of savings plans to choose from, depending on your needs.
You can also consider a whole life insurance for a newborn, as it can also serve as a savings plan and provide financial support in the event of needs.
Summary
Depending on your family and financial circumstances, your newborn insurance needs may vary. Please contact us if you are interested in getting insurance coverage that best fits your needs.
Last Update: 30th August 2023