Here’s The Financial Move Many Parents-to-be Overlook
Baby cot, changing table and armchair within a well-furnished nursery? Check. Drawers crammed with clothing, bedding and other essentials? Check. Milk bottles, teats and other feeding must-haves? Check. Bathroom necessities such as a tub, shampoos, lotions, creams, et al? Check.
Planning to be parents can be an overwhelming experience. After months of prep work, you may think you’ve covered all the bases as you countdown to the long-awaited arrival of your baby.
However, you have not ticked off what should have been the most important item on the list: financial planning for mummy and baby.
Getting an early head start on your child’s financial wellbeing cannot be overstated. So consider starting your child’s financial protection journey with Great Eastern’s range of wealth accumulation plans designed to be your reliable financial partner through life’s journey.
Enjoying your pregnancy and the early years
With the right financial and medical safeguards in place, you can be in the right frame of mind to enjoy each little milestone of your pregnancy journey to the fullest.
Eat well, relax as much as possible, and take your time to set up the nursery and prepare essentials knowing that GREAT Maternity Care (GMC) provides both you and your growing baby with comprehensive coverage that starts from as early as 13 weeks of pregnancy, and until the end of the third policy year.
You will be covered against 19 pregnancy and childbirth complications, and your child is covered against 26 congenital conditions from birth. You are also eligible for hospital care benefits for up to 30 days, and the option to purchase an eligible insurance plan for your child or yourself without medical underwriting.
Growing up fast
Apart from getting maternity coverage, you can also consider two wealth accumulation products designed to offer a strong safety net through the years.
As the years start to fly by, most parents start to wonder if they have set up enough financial safety nets. With regular premium whole life investment-linked plan, GREAT Wealth Advantage (GWA), you can make small and regular contributions to secure your future.
GWA offers a multi-prong approach to financial protection; besides wealth accumulation, it comes with the flexibility to alter your investments in line with your medium- or long-term goals. Assuming you purchase a GWA plan when your child is a newborn, you can make necessary withdrawals by the time you need to fund your child’s university tuition, or finance that first mortgage down payment of your child’s dream house.
Well-prepared for adulthood and all its milestones
One of the biggest worries of any parent is the ability to see their child(ren) through university, or if they can afford their dream wedding. To ensure there will be sufficient funds when the time comes for either milestone, mums can bless their babies with the gift of a regular premium endowment plan, GREAT Wealth Multiplier II (GWM II).
Designed to grow your savings by up to seven times or more1, it comes with a 100% capital guarantee as early as the end of the 15th policy year2, assuring benefits by the time your child is researching the best tertiary education options to pursue his or her career dreams.
Both plans provide coverage against death, total and permanent disability3 and terminal illness, with no medical underwriting required.
If you plan ahead, you can have a longer runway to reach your financial goals, and most importantly, enjoy the peace of mind that comes with knowing your child is prepared for health, whole life protection and his or her financial future. Click GREAT Maternity Care, GREAT Wealth Multiplier II and GREAT Wealth Advantage to find out more
1 Based on the illustrated investment rate of return (IIRR) of the participating fund at 4.25% p.a.. Based on IIRR of 3% p.a., the multiplied returns are up to 4.4 times or more. The actual benefits payable may vary according to the future performance of the participating fund. Potential returns are not guaranteed and are dependent on entry age, premium payment term and policy year when the plan terminates.
2 Capital is guaranteed after 15 policy years for 5-year and 10-year premium payment terms, and after 20 policy years for 15-year premium payment term, subject to no policy alterations being made.
3 Coverage for Presumptive Total and Permanent Disability (TPD) is for the whole of the policy term, while coverage for other forms of TPD is up till the policy anniversary on which the life assured is age 65. Presumptive TPD refers to a state of incapacity which is total and permanent and takes the form of total and irrecoverable loss of:
(a) the sight in both eyes; or
(b) the use of two limbs at or above the wrist or ankle; or
(c) the sight in one eye and the use of one limb at or above the wrist or ankle.
Please refer to the product summary for details on other forms of TPD.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
The above is for general information only. The precise terms and conditions of these insurance plans are specified in the policy contract.As GREAT Maternity Care has no savings or investment feature, there is no cash value if the policy ends or is terminated prematurely.
Investments in GREAT Wealth Advantage are subject to investment risks including the possible loss of the principal amount invested.Terms and conditions apply. Protected up to specified limits by SDIC.