Expats - 3 simple steps to provide protection for our children
- Establish a Comprehensive Health Insurance Policy or Top-up Policy
It’s no secret that children are more prone to accidents and illnesses, and some more than others! Whether it be a bang on the head, a broken bone, a swallowed coin or an array of sicknesses, we can be back and forth the hospital like a yoyo. Most expatriates would have already taken the wise step of adding their children to a family or company policy, but is there anything else that you should consider?
Is the cover on the existing policy adequate?
A simple cut on your child’s forehead with maybe 5 stiches could cost up to S$3000 and a tonsillectomy can cost as much as S$12,000 to S$15,000.
Does the cover under your existing policy set limits for outpatient care or medical conditions?
Does your policy provide cover for congenital conditions?
To save yourself from being out of pocket for any gaps in your coverage, it is prudent to review your policy benefits. Health insurance is not one size fits all. A good insurance policy will cater for families to select coverage that meets their requirements for coverage and affordability.
2. Review your Life Insurance Coverage
Whilst it is natural and healthy for us to wake up each day without the expectation that this may be our last, please take some time to ask yourselves the following questions:
What would be the financial implications to the surviving family members in the event of my death; my partner’s death; the death of both of us?
Would this involve repatriating?
Would we have a home to live in or need to move back in with parents?
Where would our children go to school or university?
How would the monthly bills and groceries be paid for?
Is the cover that we already have enough?
How do we know?
The answers to the above will be different for everyone and we believe that it is important to regularly review your life insurance requirements.
3. Appoint Guardians and Temporary Guardians
For some of us, appointing Guardians for our children in a Will is quite straightforward, for others it may require some negotiating! It can be viewed as an essential measure to prevent any long drawn out arguments in court for custody of your children, in the event of something happening to you.
Many expatriates appoint temporary guardians for their children if the guardians named in the Will are not Singapore residents. This allows for the care of your children to fall to a family friend that you appoint whilst the legal guardians can make the arrangements to get to Singapore and then satisfy the authorities that they are legal guardians. Without a temporary guardian being appointed, the children would likely fall into the Singapore care services until such time. In the absence of a Will, this could be a lengthy process.
At IPG we can help you to review the health insurance benefits in place for your children, highlight any potential shortfalls and provide solutions. We are also able to introduce you to specialists that can help you in any of the areas discussed in this article.
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