Do We Need to Buy Insurance Policy For Kids Malaysia?
Do we need to buy insurance policy for kids in Malaysia? For me it’s needed because we don’t know when the accident will affect us. Not only for adults, we also need to buy insurance policy for kids Malaysia.
Reason To Buy Insurance Policy For Kids Malaysia
All things that we do always need a reason why we do that. Same as buying insurance for kids, they also had a reason why you needed to buy those insurance policies. For kids, they pay more for medical insurance which their price is the same as an adult medicine. Here are some reasons why we need to buy insurance policy for kids Malaysia.
The first reason is to lock in the protection at a more competitive price. Because kids are the youngest and have the lowest use of using their claim, the premium might be suitable for them. This will be possible to change their medical plans when they turn 18. Their medical plan can provide more coverage with no medical check-up required. The other advantages is the ability to maximize tax relief which is up to RM3,000.
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Next point is financial peace of mind, which means parents don’t have to think about their child’s medical expenses. All of us know that the medical cost for treating a child is not much different than medical cost for an adult. Having a medical plan for your kids not only provides healthcare quality but also provides financial safety.
Another reason is that medical plans for kids will be a safeguard against common illnesses and medical conditions. That is because a solid medical plan will allow them to have quality medical assistance. Not only that they also will have a subsequent consultation in event of post-hospitalization cases. Which can help to catch symptoms of specific illnesses while at the early stage.
Last reason is ensuring access to quality healthcare. We know that the most public medical facilities had a long waiting list. Not only that , some of those facilities might be overbooked. To make sure your child gets a fast and quick treatment parents need to make sure their child has medical insurance. If they are lucky enough, parents’ Employee Benefit may provide health care insurance for the kids.
So, to make sure you can save money, an insurance or medical plan for kids can help you. You can save your money and also your kids’ medical condition.
Type of Insurance for kids.
- Special Need Coverage
If your child had ADHD or autism spectrum disorder, it might be difficult to get insurance coverage. Most of them will decline to provide full coverage if your child is in special need. Option for coverage is to take insurance that covers without underwriting a universal-life endowment. Another option is by getting international health insurance. Which they will cover depending on severity of condition.
- Education Insurance
This type of insurance actually acts as a long term saving and protection plan. Which will strengthen children’s financial security. These plans will act like a standard savings account but they will offer lump-sum benefits or payout upon maturity of the child. It is a good idea to plan ahead of time if you want your child to start his or her academic journey. Parents generally will start looking for education insurance for their child at 14 days old. This insurance will cover the child up until 18 to 28 years old.
- Prenatal Insurance
Some parents are not aware of this type of insurance. This makes them miss out on some added protection during the pregnancy period. Pregnant moms can sign for this insurance as early as 18 weeks. This insurance will help financial protection in the event of unforeseen circumstances. Not only that, these prenatal plans will allow for the issuing of a lump sum of cash. This will happen if subscribers experience complications with pregnancy or other problems.
- Health and Life Insurance
This type of insurance is the most important insurance by parents. Which health insurance can provide coverage for all usual aspects. They also provide preventive treatment alongside compensation for disease and accident. While life insurance is one of the best options that will include medical coverage. Which means you can lead to a higher coverage amount for your child.
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