Page 11 - 5. June 2016

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Things you should know - Insurance policy for infants - Jayashree

A baby completes the family!
Now that you’re considering insurance planning for protect your newborn, where do we start? Let’s find out
the top 3 plans that your family should be protected with.

When you become a parent, your responsibilities increase.
You need to make sure that you are ready to take of your
family emotionally, physically and financially.

Congratulations on your promotion as new parents!
With a newborn in tow, needless to say, you probably
have a never ending to do list. But while you attend to the
“here and now” needs of your new and growing family,
make sure that you don’t lose sight of the bigger picture.
A crucial responsibility as a new parent is to plan the finan-
cial preparedness and protection for your little one’s fu-
ture. An aspect of this is to make sure that you realign
your family insurance plans to financially protect yourself

and your family.
However, are you a little overwhelmed with the options available and a little clueless about where to start?
In this article we highlight three priority areas which you can begin to evaluate when it comes to insurance
for your family.

#1: Always protect yourself first
Do you remember those safety videos that are aired before a plane takes off? Think about the scene when
the parent puts on the hanging oxygen mask on herself before attending to the child.
The same theory can be applied when it comes to insurance. It is important to protect yourself first, before
taking care of your baby’s insurance needs. In the event that you are no longer financially able to provide for
the family, have you considered who will be taking care of your baby’s expenses and the monthly bills?

Your new baby and children are completely dependent on you for all their needs. It is essential to protect
yourself so that the financial impact on your dependents will be reduced should anything happen. But how
do you go about planning for this?
One of the ways to financially protect your family against situations like death, critical illness, terminal ill-
ness and/or disability is via term insurance plans. Such plans typically pay out a lump sum of your choosing
should the unfortunate happen, your family can continue to pay the bills, mortgage, children’s school fees
and other living expenses.
If you prefer a monthly income stream instead of a lump sum pay-out, you can perhaps consider options
such as Family Cover Plan, allows your family to better manage their expenses without the fear of a fixed

sum being depleted.
Another plan that you could possibly consider is Money Back plans that is designed to give you a refund on
the premiums paid if you don’t make a claim.

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