What is maternity insurance?
Maternity insurance, also known as pregnancy insurance, is a form of term insurance pregnant mothers can buy to protect themselves and their newborns from any birth complications.
Expectant mothers can generally purchase these plans between the 13th week of their pregnancy period to a month after childbirth.
Most plans give out lump sum cash payouts if the mother is diagnosed with any of the covered pregnancy complications. Newborns who are diagnosed with any congenital illnesses are also liable for a lump sum cash payout by the insurance company.
What does maternity insurance cover in Singapore?
In Singapore, most insurance for pregnancies covers similar complications that the expectant mother might face and also congenital illness faced by newborns.
The non-exhaustive list below are some common things that are covered in a pregnancy insurance plan for both expectant mothers and their newborns;
|Pregnancy Complication Coverage for Mothers||Congenital Illnesses Coverage for Newborns|
|Abruptio placentae||Absence of two limbs|
|Pre-eclampsia or eclampsia||Anal atresia|
|Acute fatty liver||Atrial septal defect|
|Postpartum haemorrhage that requires hysterectomy||Biliary atresia|
|Amniotic fluid embolism||Cerebral palsy|
|Placenta increta or percreta||Cleft lip and cleft palate|
|Choriocarcinoma and malignant hydatidiform mole||Club foot|
|Ectopic Pregnancy||Congenital blindness|
|Disseminated intravascular coagulation||Congenital cataract|
|Congenital diaphragmatic hernia|
|Congenital hypertrophic pyloric stenosis|
|Development of dysplasia of the hip|
|Patent ductus arterlosus|
|Retinopathy of prematurity|
|Tetralogy of fallot|
|Trancheo-esophageal fistula or esophageal atresia|
|Transposition of the great vessels|
|Ventricular septal defect|
What are the benefits of having pregnancy insurance?
In Singapore, we are all aware of the high medical costs involved. For pregnancies, the cost you incur can be significantly higher as there are many factors that might lead to the above issues.
Furthermore, your health insurance probably doesn’t cover them too if you’re not hospitalised due to it.
That’s why purchasing insurance for pregnancy in Singapore is important as it not only protects the health of you and your newborn but also provides you with financial security if you ever need it.
We have compiled some common benefits that are covered in most pregnancy insurance plans in Singapore;
|Hospital Care Benefits for Mothers||Hospital Care Benefits for Newborns|
|Inpatient psychiatric treatment||Bronchitis|
|Post-natal anaemia||Dengue fever|
|Puerperal pyrexia||Hand, foot, and mouth disease|
|Pulmonary embolism||Incubation immediately after birth for more than 3 consecutive days|
|Repair of 4th degree perineal tear||Phototherapy or blood transfusion for severe neonatal jaundice|
|Septic pelvic thrombophlebitis||Pneumonia|
|Surgical site infection following caesarean section||Premature birth|
|Uterine infection or transfusion due to retained placenta following childbirth|
Depending on the plan you purchase, some plans will also offer you death benefits or total permanent disability benefits, or both. The coverage period also depends on the policy that you purchase and can last for 3 to 6 years.
As shown above, having maternity insurance is actually beneficial for you as it protects you and your newborn for up to 6 years, providing coverage for various common pregnancy-related issues that you or your newborn might face.
What are the types of pregnancy insurance plans in Singapore available for me?
There are a few different types of pregnancy insurance plans out there in Singapore offered by various insurance companies. It is important to understand the differences between these plans and to check which policies are best for you.
- Investment-linked pregnancy insurance plans
- Life Insurance/Endowment bundled maternity plans
- Standalone pregnancy insurance plans
First of all, there are maternity insurance policies that are linked to investments that will help you with some savings while protecting yourself and your child.
These plans are great for you if you have a little extra cash to save for your child.
If you do not have other investment plans, getting an investment-linked policy would also be beneficial for you and something that you should consider.
There are also policies that bundle maternity insurance with life insurance or endowment plans.
These policies are great if you were to purchase life insurance or endowment plans for your child.
This way, you are able to get a lump sum cash return once the policy expires that you can use for your child’s future.
Lastly, there are standalone plans that are term plans that will provide you and your newborn coverage for as long as the policy is still in force. If you already have other separate investment or savings plans for yourself or your child, a standalone plan would be the best option for you.
Which maternity insurance policy should I get?
This is a great question that many of our clients ask us. You will need to conduct a proper analysis of your current financial portfolio before deciding what is suitable for you. Below are some questions that can help you with your financial planning:
- Do you want to have extra savings for your child in the future?
- Do you want to purchase life insurance for your child?
- Do you want to purchase endowment plans for your child?
- Do you have any other plans that are already providing coverage for these bundled plans?
- What do these other plans provide coverage for?
- How much do these other plans cover you for?
After answering these questions, read our post on Singapore’s best maternity & pregnancy insurance plans. You will then have a clearer picture of what is best for you.
If you are still unsure of which policies to get, do consult a certified financial advisor.