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The Key to Awesome Parenting? Protect yourself first

Posted 5 August, 2018 by Surely
in For Parents and Parents to be

I tried taking my own advice once – to protect myself first in order to be a great Dad. It did not turn out well. My wife was not too pleased when I lifted my baby to deflect the soccer ball that was heading towards my face.

 

My boy went down like Neymar.

 

Jokes aside, this advice generally works alright if you don’t take it too literally. As you know, we are insurance people. That is what we are advocating as your protection.

Stay onboard with us as we tell you why you should secure your oxygen mask before helping your kids (not literally this time!).

 

Parental Instinct can be wrong.

 

We always look out for our kids first as part of parental instinct. For example, we always make sure that the children have had their fill before we finish the leftovers. Of course, that is only true in my family when ice cream is not involved.

 

This happens more often than I care to admit at our dining table.

 

When it comes to life insurance, we have to learn not to follow our heart and listen more to the head. Once an insurance advisor knows that you have children, they implore you to secure their futures with their various plans. While they are not entirely wrong to recommend policies for your kids, what you must do first is to make sure you are adequately insured first.

Should you be not convinced, let us look at a hypothetical scenario whereby you have only the budget to obtain insurance coverage for either your kid or you. What will happen when you make your choice?

If you choose to insure your kids, you will have the financial capability to afford the best medical attention that they require when they are injured or sick. That is great until you realize that they are completely vulnerable if you are the one who is ill-stricken or badly hurt.

When you elect to protect yourself, the rest of the family members (i.e your wife or parents) can chip in to care for the young ones without worrying about the finances. Even though the kids may not be insured, at least they have you who will definitely explore every available avenue to secure the money required for any medical care that they need.

It is clear which option is the better one.
Now let us look at some possible scenarios that you may face when insurance may help.

 

What if you are hospitalized?

 

Imagine that you land in the hospital. Somehow you need an expensive surgery and you are short of money. At this point, what can you do about it?

We have written about why purchasing a Shield plan is the smartest move you can make and we still stand by that. That is despite all the hoopla about premium hikes and mandatory co-payment. Medishield Life, along with an Integrated Shield Plan should always be your first line of protection.

It is really simple to guard against the ever-escalating medical cost.
Compare the plans, select one and purchase.
As easy as ABC.

 

What if you are severely ill?

 

Cancer strikes 37 residents in Singapore on a daily basis. We are ranked 1st globally in diabetes-induced kidney failure and 6th for new kidney failure cases. Singapore is facing a potential cardiovascular catastrophe in the coming years due to high diabetes rate & hypertension.

These are truly terrifying numbers if you think about it. Although survival rates for these conditions are improving year on year, the impact on the family is tremendous. We can only imagine the physical torment on the patient and the mental stress on the entire family. Not to forget, the financial strain is something not to laugh at.

Sure, your hospitalization cost is well taken care of by the Shield plan. However, you may not be able to work in the meantime. Yet your banks are not suspending their demands for their housing and car loan payment just because you are sick. You still need to pay for your daily necessities.

 

insurance for parents

I reckon that milk powder in Singapore probably cost more than cocaine.

 

That is why you need more than just a hospitalization plan. A critical illness plan becomes a necessity and not a good-to-have when you have dependents.

 

What if you are injured?

 

There are two major financial impacts when you are badly hurt.

You may lose your source of income when you become disabled, temporarily or permanently. When you lose a limb, you may not continue to work in your current occupation or even not be able to make a living at all.

The second fallout is that you may require mobility equipment and aids around the house. It may cost you a fortune to renovate the house and to purchase an electrical wheelchair.

Do you have sufficient savings to tide you through the period?
How do you earn a living?
What if the disabilities are permanent?

These questions can be answered by three different types of insurance policies. A Personal Accident plan reimburses some of your medical and mobility expenses; a Disability-Income policy pays you a certain percentage of your salary while you recover. A Whole life or term plan provides a lump sum payment when you are permanently disabled.

While you may not return to your pre-accident mobility state, you can certainly regain the same level of financial comfort with the help of life insurance.

 

Wrapping up

 

Congratulations, you are an awesome Dad or Mum!
Just because you have read this article till the end.

It does not matter if you have kicked your kid accidentally when doing your best CR7 impression during the world or dropped your baby when you spotted an LV bag on sale. These things happen sometimes. What it matters is that you actually care enough to learn how to a better parent.

What is left for you to do is to find out if you are properly insured.
Do a quick scan of your coverage needs here and continue to be the awesome parent that you already are!

www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.

This is part 3 of our parenting series. Catch the previous episodes at:

 

Do you need maternity insurance? Definitely a maybe [Here’s my story]

Expecting a child? This is how to protect the new, mini you.

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