What is the right insurance coverage for your children?

As parents we want to ensure that our children have access to the very best that we can offer them. From education to entertainment, when you are a parent, your child is often the priority; you want to give them everything you can. It is no different when it comes to protecting your children. Ensuring that they are safe and secure, happy and healthy, means the difference between a good sleep or worrying all night.

Insurance is able to help you ensure that your children have the protection they need, when they need it – giving you the peace-of-mind to sleep soundly at night.

Health Insurance as a starting point

The obvious place to start when considering insurance protection for children is health insurance. However, even health insurance may not be as straight forward as you would assume, when considering children. For example, there is the fundamental question of whether you establish a policy to cover your child before or after their birth.

Newborn Child Health Insurance

One of the quirks in both international and Hong Kong health insurance products is that they will often allow a child to be born onto an existing policy held by a parent. Not many people realize that this mechanism is available even if you are unable to receive maternity coverage under the Hong Kong health insurance policy (due to the waiting period), and this simple tool often goes overlooked.

Adding a child to an existing health insurance policy gives that infant health insurance protection from the moment of their birth. There is no underwriting, there are no pre-existing medical conditions, and there will be no exclusions on the child’s policy – simply due to the fact that the baby has been added to existing medical insurance protection from the moment of their birth.

Having a child born onto an existing international health insurance policy can also guarantee the infant the ability to renew that coverage for the remainder of their life – ensuring that no matter what happens to their health in the future, they will always have the access to healthcare that they deserve.

The power of having your baby born onto your health insurance policy cannot be understated – this is an extremely important mechanism which can impact the healthcare and insurance decisions for your child for the rest of their life.

If you have recently relocated to Hong Kong and are unable to have your child born onto an existing health insurance policy do not worry, there are plenty of other tools you can use to ensure your children have the security they deserve.

Outpatient Health Insurance for Children

Children come into contact with other children. Children like putting things in their mouth and playing in the dirt. Children are exposed to a lot of disease vectors.

This is all perfectly normal, but any parent will tell you that children tend to get sick. A lot. With the often-endless procession of earaches, runny noses, and sore throats, comes much more routine healthcare needs, like vaccinations and wellness checkups. All of which will require a trip to the GP. While outpatient healthcare in Hong Kong is generally much less expensive than inpatient treatment, frequent trips to the doctor can mean the costs associated with a runny nose can quickly add up.

Health insurance protection which includes outpatient coverage is a very good idea for any family with one or more children. Having insurance in place which allows you and your children to see the doctor as and when you need to allows you the flexibility you need to live your life, without worrying about costly medical bills.

Your Life Insurance Covers your Kids

When it comes to ensuring your children have the security and support, they need, one of the biggest risks that often gets overlooked is the question of “what if anything were to happen to you?”

Life insurance is the biggest tool with which we as parents can guarantee a sound future for our children. By setting aside money every month, or purchasing a policy that provides the finances needed for education and housing expenses should either parent die unexpectedly, you are giving your children the assurance that they will have the backing they need no matter what happens in the future.

Life insurance also provides additional coverage solutions against things that impact both your quality of life and your ability to care for your children. Disability Income protection and Critical Illness Insurance are both great examples of products that do not directly benefit your children, but do enable a needed safety net should anything happen to you.

By planning ahead and obtaining coverage that provides a financial benefit to your family should anything happen to you, you are securing and protecting your children’s future, no matter what.

Expert Insurance Advice from CCW Global

If you would like to learn more about protecting your children from life’s risks, or what sort of Hong Kong insurance plans you could purchase to better protect your family, please Contact an Expert CCW Global Insurance Broker today.