Insurance To Consider If You Have A Family With Kids

You’ve met the one, settled down, and had kids. That comes with responsibilities not only to yourself but your family. With a spouse and kids now to support alongside your parents, the years can become financially demanding with expenses such as bills, mortgage, petrol, etc. 

What if the unthinkable happens and your family has to go on without you providing or even having to bear your debts? What if you can’t afford your medical bills? What if you do not have enough for retirement, and one day you might have to rely on your family? 

It’s important to be financially protected against the unexpected. Here are 3 types of insurance to consider if you have a family with kids and why. 

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Life Insurance

Should providing for our family become impossible, we want to make sure they’re as comfortable as possible. Even if we are not the breadwinner of the family, the sum assured provided by life insurance will still help our family navigate through life. In the event of death, the sum assured paid could be used to cover expenses such as childcare, end-of-life expenses, future education, etc. 

Being married with kids, consider getting investment-linked life insurance. An investment-linked plan (ILP) is an all-in-1 life insurance policy that combines protection and investment. Riders can also be added to increase protection to cover hospitalisation, critical illnesses, disability and many more. They are suitable for long-term investment horizons. Families with young children will have more time to grow their money and ride out market fluctuations. It could even be used to grow your retirement fund if your selected funds perform well, and once the cash value (investment account value) has grown into a sizable amount. Learn more about the difference between investment-linked and traditional life insurance here.

GoProtect is an investment-linked plan that includes increased coverage of 5% every 5 years, death benefit, and total & permanent disability (TPD) benefit. Check it out here.

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Medical Insurance

If you haven’t already, get medical insurance before premiums become too high. If your health takes an unexpected turn, wouldn’t you prefer your bills to be settled by your insurance provider? You may also be close to retirement and don’t want those plans to be derailed due to setbacks such as hospitalisation and surgery.

You should also get your children insured. There are many reasons such as:

• Newborns and children are more prone to illness and have a developing immune system. It’s important to be able to afford their treatment earlier before their illness worsens.
• Peace of mind.
• Lock in cheaper premiums at a young age.

With Smart Health Cover, get comprehensive medical coverage that includes in-patient care, surgical and non-surgical procedures, kidney dialysis, and cancer treatment. All while having the peace of mind of cashless and hassle-free admission. Eligibility starts from 30 days old! Learn more here.

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Retirement Plan

Being married with kids, retirement planning has to be prioritised to enjoy your golden years. There is no borrowing your way through retirement. You may not have as much time to build back your retirement funds should the unexpected happen. Getting a retirement plan can help you build your retirement fund while staying financially protected and help reduce any burden you might place on your children and spouse during your golden years.

Want to save for your retirement? Get Cash Star and enjoy increasing guaranteed cashback every year. With a limited premium payment period of 5 years, receive a coverage term of 20 years. Learn more here.

At this stage in life, the importance of being insured is higher with more responsibilities. You want to ensure a comfortable retirement and watch your children flourish. Learn more about the above recommended insurance plans here.