There are many different types of insurance policies available in Singapore. Almost any individual or business has access to some form of insurance in Singapore because of the many active insurance companies in the country. The most common types of insurance which exist in Singapore are related to vehicles, health, homes, and life. Most individuals in Singapore own at least one of these types of insurance.
Businesses also require specific types of insurance policies which provide protection against specific risks faced by a particular business. Many of these insurance policies are used in instances of unfortunate events such as disasters, damages, injuries, or even deaths. There are also insurance policies available for more specific needs; certain insurance companies in Singapore might be able to provide such specific types of insurance, though which ones are provided will differ from company to company.
There are also certain forms of insurance which specifically cater towards minors in Singapore.
Why Insurance for Minors is Important
Children and teenagers are more vulnerable to the circumstances of life than are adults. However, their parents can mitigate these risks by purchasing suitable insurance policies for their children who are not of age. Such purchases of insurance do much to protect one’s children from possible misfortunes which may strike at some point in the future. Therefore, it is not only important, but necessary for parents to purchase insurance for their children in order to grant them a form of official protection. There are several reasons why insurance policies should be purchased by parents for their underage children.
One such reason lies in the fact that there is less risk involved in insuring minors when compared to insuring adults. This is because in most cases, minors are less likely to have been afflicted by any pre-existing conditions or illnesses. This makes them low-risk policyholders to insurers, which in turns means that many of the policies available to minors in Singapore provide full coverage without any exclusions. Therefore, if a minor were to suffer from a medical affliction in the future, the coverage will allow insurance companies to provide financial sustenance in such a trying situation.
Furthermore, it is far cheaper to purchase insurance for minors than it is to do the same for adults. Therefore, parents in Singapore ought to purchase insurance for their children before their children come of age. The younger the child is, the more advantages will be received by the child. Therefore, in cases of any severe illness, hospitalization, or death, it is preferable to be covered at an earlier age.
Insurance Plans for Minors Which Exist in Singapore
Now that it has been clearly determined that all minors in Singapore ought to be insured whenever possible, the insurance plans which cater to minors which exist in Singapore ought to be discussed. Insurance plans for minors protect any underage person in Singapore. There are several types of insurance plans which exist for minors in Singapore.
It is possible to insure one’s child even before the child is born. This is because insurance policies in Singapore exist which allow a mother and her unborn child to be insured throughout the entire pregnancy up to the birth of the child; such policies maintain their validity even after the child is born. Such insurance policies provide protection from possible health issues that may arise during the pregnancy or from congenital illnesses that may require medical treatment. If no complications occur, prenatal insurance in Singapore is usually converted to life insurance which will protect the child.
Health insurance for minors in Singapore covers medical expenses such as hospitalization, surgery, and medical treatment for the policyholder. There are various specific types of health insurance which may be purchased in Singapore. Among these types of health insurance minors include those related to hospitalization and surgery, critical illnesses, personal accidents, and infectious diseases. Parents of children who tend to be somewhat injury-prone or illness-prone are especially advised to purchase health insurance for their children; nevertheless, all children benefit from the health insurance which they might receive.