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COMPLETE GUIDE FOR PREGNANCY INSURANCE 2021!

In this article, you'd know the difference in the various pregnancy insurance and also which may be the best for you currently.

"Pregnancy insurance" and "maternity insurance" are interchangeable. They can be purchased after week13.

LATEST plan in the market NOW!

In Jan 2021, AXA released two new plans, namely AXA HappyMummy and AXA HappyFamily.

Newer plans tend to have a wider range of conditions covered and if you're keen, read full article below.

AXA HappyMummy | NEW Pregnancy Insurance Plan 2021!

What benefits are within pregnancy insurance plans

There are 3 major benefits to get from the plan

1) Child congenital illnesses (full of sum assured)

Pre-natal scans are unable to pick up all conditions fully. 

Baby can still be born with congenital conditions.

In other situations, congenital conditions surface after a few years after birth. Hence, the term for most pregnancy insurance plans is 3years.

* Compare between insurers on the listed conditions


2) Pregnancy complication (full of sum assured)

Do check with your current shield plan (ISP) on the list of pregnancy complications covered.

If a condition is on both your (ISP) and your pregnancy insurance plan, both will pay.

This is a compensation amount in lump sum.

* Compare between insurers on the listed conditions


3) Hospital cash benefit (% of sum assured)

If you (mum) or your child is hospitalised from the conditions listed in the pregnancy insurance, there will be a daily hospital cash benefit.

An example will be prematurely born infants who need to be incubated for a few weeks.

The daily hospital cash provides some compensation to cover your cost.

* Compare between insurers on the percentage on daily cash and listed conditions

Standalone pregnancy plans

Manulife ReadyMummy, NTUC Maternity 360, PruMum, and GE Flexi Maternity plans are standalone plans.

They do not require any plans to be concurrently purchased. 

Both the Manulife ReadyMummy and GE Flexi Maternity plans have an option to purchase life insurance for baby within 90days after birth. However, this pre-existing conditions may still be excluded.

*Author does not distribute GE plans, do seek clarification from a GE adviser for GE Flexi Maternity.


PruMum, if purchased as a standalone plan, does not have the option to purchase life insurance for the child after birth

*Author does not distribute Prudential plans, do seek clarification from a Prudential adviser on PruMum


NTUC Maternity 360 has an option to purchase life insurance but with a simplified underwriting.

AVIVA MyMaternity - Unique bundled pregnancy plan

There are several bundled pregnancy insurance plan in the market.
The first is AVIVA MyMaternity Plan which you can bundle with many Aviva plans.

It also has a Guaranteed Issuance Option for your newborn where you can buy a whole life plan (sum assured $150k) for your child when he/she is born, without medical underwriting.

This must be done within 90 days from birth of the insured child.

Article: AVIVA MyMaternityPlan – Little known but effective plan

AIA Mum2Baby and AXA HappyMummy - Comprehensive bundled pregnancy plan

AIA Mum2Baby and AXA HappyMummy is bundled with a whole life plan which is first bought on mummy's life and transferred to baby after birth (within 60days for no medical underwriting)

You may choose to attach riders that cover either critical illness or Early critical illness to accelerate the sum assured for claims.


As it is a transfer of coverage, these are the only 2 plans currently that provides early CI coverage for baby from day 0. Even if there is congenital conditions at birth, transfer can still take place.

According to policy wordings (image below from AIA Mum2Baby), early CI is still claimable up to $30,000.

AXA HappyMummy is similar.

Both AIA Mum2Baby and AXA HappyMummy also provide a 2% sum assured per day for hospitalisation due to their respective hospitalisation events for Child, for up to 30 days.

For example, a $10,000 sum assured will provide $200/day for premature birth requiring neo-natal ICU.

This is higher than other plans.

AXA HappyMummy | NEW Pregnancy Insurance Plan 2021!

Pregnancy plans for special considerations: IVF pregnancies and/or having twins

These following plans allow for IUI/IVF pregnancies(subjected to mummy's health status), usually will require an additional form to be filled up by your consulting gynaecologist.

- NTUC Maternity 360

- AVIVA Mymaternity

- AIA Mum2Baby (no loading)

- Manulife ReadyMummy

- PruMum

There may be (loading) extra premiums needed.

Summary

Personally, I bought the AIA Mum2Baby for my son who is a 7mth old now.

The sum assured on the whole life for AIA Mum2baby or the AXA HappyMummy plan can be customised to fit your needs. Premiums are much cheaper than adult's for the same level of sum assured. 

Do click on the WhatsApp button below for a discussion TODAY!

Josh Tan Jian Liang (CHFC) Principal Author

REVIEWS: https://theastuteparent.com/josh-tan Practising financial planner with Promiseland Independent Pte Ltd. TJL100057681 EXPERIENCE: More than 14years. Josh Tan is a young parent, speaker, author and founder of TheAstuteParent.

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