Buying toddler/baby insurance- any recommendations?

[qhank]

Has been next to impossible to insure "after the fact".

https://geoexpat.com/forum/115/threa...ml#post3973815

The only way would be to get a new employer that provides maternity insurance as an employment benefit. Usually employer's insurance policies come with no waiting periods, even for maternity (as otherwise this may stop people from signing up/switching jobs if they or their spouse happens to be pregnant).

[Ben99]

Hi guys
i met with an agent yesterday and it was through a family friend. They were saying that critical illness is essential but it actually raised even more questions. The premium is a few thousand per month but after the term (25 years) then we would actually get the money back plus our newborn would have the critical illness cover for the rest of their life

so I did a bit more digging and some posts have said if we put the money away ourselves then we would get even more but obviously touchwood I assume this is of noting happens that we would claim. Altho I’m unclear on this point, the agent seems to say even if we claim we still get that lump sum

it seems like such a minefield, can anyone share their experience on buying/considering this newborn insurance

[drumbrake]

Hi guys
i met with an agent yesterday and it was through a family friend.

Block number. Avoid all future contact ...

If your baby does have a critical illness (i.e. very serious), private hospitals will send your child to the public hospital. You will still get very good care. Cost will be minimal for a HK resident.

Save for your baby by putting away a few thousand a month in a low cost exchange traded fund. There are detailed posts on geoexpat about them.

[Ben99]

Block number. Avoid all future contact ...

If your baby does have a critical illness (i.e. very serious), private hospitals will send your child to the public hospital. You will still get very good care. Cost will be minimal for a HK resident.

Save for your baby by putting away a few thousand a month in a low cost exchange traded fund. There are detailed posts on geoexpat about them.

thanks

so is it better just to add the newborn to the company medical? And not buy any CI cover. My mrs works for the university though and the coverage seems not very comprehensive tho

[drumbrake]

Yes, add to existing medical coverage.

I agree, private insurance offered by many companies in Hong Kong is quite limited. However, it does pay for private doctor consultations and a limited number of specialist consultations.

[PLamHK]

A fundamental question for me is "what is the risk that you are wishing to insure against?".

[tparker]

The Mrs. handled all the insurance for our spawn, though I myself have a VHIS policy despite "private hospitals sending you to public hospitals" - because at the end of the day it depends on the illness.

My Mother got excellent care through the public system. It wasn't a saveable ailment unfortunately, but so aggressive and urgent it was that public hospitals handled it immediately and ironically with the same top surgeon that one could otherwise pay six digits to book in the private system.

Where the private sector would be useful is e.g. if you need a gallbladder removed and the public system will stick you on a waiting list. I presume these comparisons are equally valid for children.

Stick the money in a fund instead? Sure... it may grow beyond what insurance will repay you. The fundamental rule with insurance is it's not a money making scheme and shouldn't be compared as such. You might get your money back at best, adjusted for inflation.

But stick the money in a fund then get ill six months later and you won't have made much to cover medical costs. Insurance will give you that coverage from Day 1 (or 30 to be pedantic).

Wife / child policies are through CTFLife. Comparing to mine at AXA it does seem a better deal (fewer overheads without the global branding glutton?). Her broker is not the most efficient but is an honest bloke who doesn't try to oversell. Happy to pass on a recommendation if ever an additional one is needed.

[mtkl]

I like the 'precious' part. Shows they have a heart bless 'em.

Haha. An insurance company? Good one.

All I can suggest is that OP reads every word of the policies and reflect on his/her medical/financial history/situation. Don’t believe anything agents say and don’t leave your research to just the promotional brochures which are often misleading (at best).