As a parent, I always tell my friends that it’s the moments, not the milestones that matter most. Oftentimes we invest so much of ourselves into our children’s big achievements but when it’s all said and done, life is really greater than the sum of its parts. The little moments with our children – bedtime cuddles, eyelash kisses, catching raindrops and just the simplest pleasures of everyday life are what we will hold dear to the last hour of our lives. But here’s the thing, these simple pleasures can be taken away in the blink of an eye when unforeseen tragedies strike. That’s why it’s incredibly important to take steps to protect every little moment that matters so that life goes on come what may!
Why Is Protection so Important for Your Child?
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In general, Singaporean parents work hard to provide their families with the best, and to afford the nicer things in life. But a common blindspot is doing what it takes to protect your income. All it takes is an accident or a critical illness diagnosis to wipe out your entire life savings in no time. And this will have a huge impact on your child’s life.
We cannot afford to be ignorant or complacent when it comes to health and wellness. Accidents and illnesses do not discriminate and it can happen to anyone, regardless of age or how healthy you are. In fact, between 2013 and 2017, the NCCS saw 60% more new skin cancer patients under the age of 501. Furthermore, the Singapore Cancer Registry cites cancer as the number one cause of death in Singapore, accounting for 1 in 3 deaths in the total population2. Factors such as high-stress levels, and higher obesity rates have contributed to a great rise in cancer cases in Singapore over the last 50 years. Apart from cancer, there are also other concerns such as stroke, heart disease, and many other diseases.
While these statistics aren’t meant to scare you, they are important reminders not to overlook threats that are right in front of your eyes. It’s important that you have an action plan in place, to prevent as far as possible, and in the event that it does happen, to manage the situation so that life goes on for your children, come what may
How to Give Your Child the Best Protection
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Prevention is always better than cure, so in general, the best protection you can give your child is to take a proactive approach. From a young age, inculcate good habits and ensure that the entire family takes healthy living seriously. From the right food choices to getting sufficient sleep and going for regular health screenings, do the necessary. Never compromise on health and well-being.
If in spite of all of these, the inevitable happens you don’t want finances to be another battle to fight. Consider having comprehensive health insurance and income protection so that you can focus on recovery and for life to go on.
You don’t want to have to give up everything. You still want your children to enjoy the little joys in life such as that occasional movie outing, or their favourite sport. That’s why it’s so important to protect your income!
Protect your child with Income’s Health Insurance plan, Enhanced IncomeShield
All Singaporean Citizens and Permanent Residents are covered under MediShield Life – a basic health insurance plan, administered by the Central Provident Fund Board (CPFB), which helps to pay for large hospital bills and selected costly outpatient treatments such as dialysis and cancer drug treatments.
Enhanced IncomeShield is a health insurance plan that provides additional coverage to your MediShield Life coverage and can be paid using MediSave up to the Additional Withdrawal Limits (excluding riders). It offers coverage with no lifetime limit3. Here are the key benefits of the Enhanced IncomeShield Preferred:
- Increases your policy’s annual claimable amount from $150,000 (with MediShield Life) to up to $1,500,000.
- Upgrade your ward entitlement up to private hospital.
- Enjoy as-charged4 coverage for selected inpatient and outpatient hospital treatment expenses.
- Pay for premiums using MediSave, up to the Additional Withdrawal Limits (excluding riders).
Protect Every Little Moment that Matters
Mums and Dads, we know how precious your children’s growing-up years are. That’s why you may consider protecting him or her with a health insurance plan, like Enhanced IncomeShield.
If your child is between 0 to 1 year old (born between 1 January 2022 and 31 December 2023), you can sign up for Income’s Enhanced IncomeShield from now till 31 December 2024, to receive a one-year complimentary health insurance cover^ for him/her. Visit the Enhanced IncomeShield website for more information.
Enjoy peace of mind knowing that your child is protected and focus on embracing all that life has to offer!
^Only the premium for the additional private insurance coverage portion is complimentary. Policyholders will continue to pay premiums for the additional private insurance coverage portion in subsequent renewals of the policy. The premium for the MediShield Life portion, and any applicable riders attached to Enhanced IncomeShield or IncomeShield Standard Plan, shall also be payable accordingly. Premium rates differ across the various plan types and age bands. Promotion Terms and Conditions apply.
- Subject to policy year limit and any benefit limits.
- Income will reimburse you the eligible hospitalisation cost you have incurred, subject to deductible, co-insurance, admission of ward class, benefit limits, and any other policy terms (including exclusions).
This article is for general information and should not be relied as financial advice. All opinion and information in this article are solely those of The Asian Parent. The Asian Parent is responsible for the accuracy and completeness of all information and intellectual property used in this article. Income is not responsible to any party for this article. You should seek advice from a qualified advisor if in doubt. Buying insurance that are not suitable for you may impact your ability to finance your future insurance needs. Precise terms, conditions, and exclusions of the plans are found in the policy contract. This plan is underwritten and issued by Income. Protected up to specified limits by SDIC.
Information is correct as of 2023.