1. Why is it important to plan for my child's tertiary education?

While sending your child to a local university is always an option, your child may wish to go overseas for a number of reasons. For example, there may specific courses that are not available in Singapore that your child is interested in. 

The cost of an overseas education depends on where your child plans to go to. As a general rule, do plan to set aside $250,000 for tertiary education in Australia and UK and around $500,000 for tertiary education in the US.  

 

2. My child is already covered by MediShield Life. Do I still need to get an Integrated Shield cover for my child?

Additional insurance cover gives you the financial capability to select doctors in public hospitals or admit your child into private hospitals. Private hospitals have the advantage of shorter waiting times and allow you to select your own doctor. Surgeries and other non-urgent procedures can bee scheduled quickly.

 

3. Why should I get critical illness cover for my child now?

We suggest that you apply for a lifelong critical illness cover. The advantage is that you lock in low critical illness premiums but get a whole of life cover for your child. For example, the premium rate for a 5 year old is only $83.45 per month for 25 years for a minimum guaranteed sum assured of $200,000.

This whole of life cover will also have a surrender value. So you could potentially get all your premiums back if you wish to surrender the policy in the future. 

 

4. Are the plans covered by SDIC?

Yes, the coverage by SDIC is subject to a maximum of S$500,000 for the aggregated guaranteed sum assured and S$100,000 for the aggregated guaranteed surrender value per life assured per insurer.​ Excludes Integrated Shield plans.

 

¹ Approximate premium and benefit levels. Benefits may include non-guaranteed benefits and are based on the illustration rate of 4.25% p.a.

These plans (except for Integrated Shield Plans) are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC).​ Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact your insurer or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

InsureDIY is a Broker licensed by the Monetary Authority of Singapore and is an Exempt Financial Adviser. This advertisement has not been reviewed by the Monetary Authority of Singapore.