What is maternity insurance and why do I need it?

A letter to you from Eva Genevieve Khoo, mother to five year old Aiden, and Financial Consultant at LynchPin.

Dear Mum-to-be,

Congratulations and I can just imagine all the to-do lists you have right now, trying to get as many things done before the little one arrives. There will NEVER be enough time to get everything done, because parenthood is a continuous journey, and we don’t need to finish every single task we set ourselves. Be kind to yourself; take time to practise self-care, read, drink coffee (yes, even this!), take long warm baths, meet friends and do whatever it takes to make yourself happy before the baby arrives. And SLEEP A TON!

 With regards to mental preparation, one thought that would undoubtedly weigh frequently on our minds is to hope for a smooth delivery and a healthy baby. And here is one tip that I wished I had known during my pregnancy: get covered under maternity insurance early from the 13^th week onwards. Why? Because it would have taken a good chunk of the anxiety away, knowing that both the baby and I would be protected all the way until I gave birth, and that my baby would, thereafter, also be protected until the second year of his birth. Just knowing this fact would have made the scans for congenital illness such as Down’s Syndrome a little less stressful, and it certainly would have helped with possible expenses that arose if there were any pregnancy complications!

One thing to note is that hospital insurance isn’t the same as maternity insurance: the former, in general, covers a certain list of pregnancy complications only. Furthermore, most hospital plans tend to have a waiting period of 300 days, which means that they will not cover your current pregnancy if you have only recently started your policy. Therefore, the right plan most suited to you now (as an expectant mummy) is actually maternity insurance! This is a common misconception of which many aren’t aware.

Should the unthinkable occur, no mother should ever have to worry about incoming medical bills when she is already struggling with grief and loss. Let’s chat a bit more and see how we can protect you and your baby.

Love from a mother to another,

Eva

Eva Genevieve Khoo | LynchPin

Eva is a financial consultant from LynchPin, which comprises a group of financial consultants representing Great Eastern Financial Advisers (GEFA). Her work involves helping families, as well as individuals, plan financially for the lifestyle they desire, so they can be where they want to be in life, together with their loved ones.

She does this by first understanding her client’s needs and long-term financial goals through cash flow studies, and then plans for moving forward as well as other possible scenarios that could potentially result in financial loss. One of her goals is to educate new mothers on maternity insurance and the importance of it.

Eva also volunteers at a non-profit organisation that supports mothers on their journey through parenthood. One of her roles involves hosting social events catering for young children, as well as providing support to expat mothers who are new to Singapore.

Contact Eva on 8666 6242, evagkhoo@rep.greateasternfa.sg.

Patrick Chang | Simply Wills

Writing a will is an important and yet neglected part of financial planning. Some new parents are probably not aware of the adverse consequences of not having a valid will, especially if the children’s next of kin is not a Singapore resident. Simply Wills help their clients draft their wills and provide safekeeping of wills to ensure they will be available when they are needed most.  They also work through their panel of lawyers to help your next of kin obtain court orders to administer your estate when needed.  Founding Director, Patrick Chang is a succession specialist and helps families write wills, create trusts and transfer and preserve wealth. His company has helped more than 18,000 clients, both locals and expatriates.

Contact Patrick on 9698 4444, www.simplywills.com.sg.