Maternity Coverage: Do New Mothers Really Need It?

85% of pregnancies in Singapore go smoothly.

Yet, Maternity Insurance Policies are pushed as the most vital way to protect your family financially, especially in Singapore where healthcare bills can go through the roof. The big question is this – is Maternity Insurance really as necessary as they claim?.

What is Maternity Insurance?

The policy details and infographics you see on brochures look a little complicated but Maternity Insurance doesn’t really have to be. Here are some of the important details you have to note:

Price:

$300 to $600, depending on insurance provider

Purpose:

Covers you and your child for some scary possibilities such as common pregnancy complications and congenital illnesses. It also comes with important hospital care benefits and death benefits that payout up to $10,000.

Length of Coverage:

Starts from 13 weeks into your pregnancy and can even extend up to your child’s third birthday.

Flexibility:

Some insurance providers offer Maternity Policies as a stand-alone product, allowing you to decide when you feel most comfortable without coverage.

Coverage Beyond Birth:

By far the biggest advantage of Maternity Policies is the opportunity to extend coverage without needing medical underwriting.

In other words, your child is guaranteed to be eligible for future insurance policies even if they may not have been under normal circumstances, perhaps due to suffering from certain congenital conditions.

Maternity policies are not just a safety net for the present, but also an investment for your child’s future.

This is done in two ways:

Rider Policies: Requires you to purchase a separate early illness policy to cover your baby even before birth.

Stand-alone Policies: Automatically includes an additional benefit that covers for this type of situation without extra premiums, keeping coverage at an affordable cost.

Take Note: Most standalone plans are much cheaper than rider policies because your purchase is a one-time decision

But Why Maternity Insurance?

Going through your first pregnancy can be a sensitive process – and just like buying travel insurance, it’s better to be safe than sorry. After all, the average pregnancy costs at least $15,000 – and that’s the best-case scenario!

The reality is that pregnancy complications or instances of congenital diseases, even minor ones, often require further medical care – and therefore, nightmarish medical bills! While, this has been somewhat mitigated recently with Medisave benefits and Baby Bonuses, it’s simply not enough.

Getting coverage just means there’s one less thing to worry about during your pregnancy and after, allowing you and your family to focus on what really matters.

If you wish to learn more about maternity insurance and what it can do for you and your newborn, click here to have a chat with a consultant here. The first 50 to register will also walk away with a Limited edition Disney Baby Gift set worth over $50