Every parent wants the best for their child, which includes providing the best healthcare for them when they’re sick. However, not all families are able to afford the best. This is why we need insurance to help supplement the costs of treatment. In this article we will be exploring your options and discover which option is the best for you.How important is insurance for your baby?You may be unsure if your baby needs an insurance at such a young age, since they are still healthy. However, there is no better time to buy insurance for your child as firstly, children qualify for full insurance coverage without exclusions. Since insurance does not cover any ailments prior to purchase, getting full coverage is easy since your baby does not yet have a medical record. Secondly, there will be very low premiums, this is mainly due to babies having a clean bill of health and are considered as low risk cases by the insurance companies. Option 1: Prenatal insurancePrenatal insurance insures both the mother and child throughout pregnancy, during and after childbirth. Prenatal insurance can cover a wide range of complications during pregnancy, and congenital illness for babies. A one-time pay-out of up to $10000 and up to a $200 daily coverage of hospitalisation bills can make a significant difference during any complications, especially for less financially stable families. Prenatal insurance can start from $300. Option 2: Health InsuranceHealth insurance covers medical costs such as hospitalisation, surgery, critical illnesses, and personal accidents. And can cost anything from $60 to $500 annually, and can be perfect to help subsidise any costs for your child’s medical needs. Option 3: Life InsuranceLife insurance is a sum of money paid out during death or permanent disability. It is extremely important for those who are the main source of income of the family. For life insurance, you can choose between term or whole life insurance. Though cheaper, term insurance only offers a coverage for a certain number of years. And if you purchase a new plan, it counts any existing ailments as pre-existing conditions and they will not be covered. On the other hand, whole life insurance may have a way higher premium, but it covers them for life and pay-outs will be given to their beneficiaries should anything happen to them. The main reason to purchase whole life insurance for your baby is due to the fact that they will have lower premiums due to how young they are. Whole life insurances can cost as low as $660 to as high as $2400 annually.
