I have school going children, is there any specific insurance I should get for them?

There are 3 types of insurance that you should get for your school going children:

1. Medical insurance

   This is a necessity for your children regardless of whether they are school-going age or not. You should get medical insurance for your children as soon as they are eligible, which in Fi Life/AXA’s case, when they are 15 days old. This means that most of your children’s medical expenses resulting from any hospitalisation or surgery would be covered, giving you peace of mind.

2. The School’s Group Insurance

   Schools will offer group insurance for your children, usually giving a basic amount of hospitalisation and medical expenses, as well as some personal accident coverage. The premiums are very cheap, as low as RM32 per year, so do take this up.

3. Personal Accident insurance

   Because the school group policy only provides basic cover, you should supplement it with a personal accident policy for your children. Accidents do happen with our children as they are very active. It could be a small fall at the school staircase, an ankle sprain whilst playing football or a cut from a badminton partner’s careless swing.

   The other advantage of your children having individual personal accident insurance is that they will cover accidents that happen at home, not just at school. Cover is usually also higher, and most of the time, it will also pay for some after-care that might not be covered by medical policies, such as physiotherapy or chiropractic services.

A Must

In addition to insurance for your children, you need to get life insurance for yourself. This is to ensure that your spouse or their legal guardian has enough money to support your young children should you unexpectedly die or suffer total and permanent disability. You should choose a large enough sum assured that can support their living and education expenses until they reach adulthood and can financially support themselves.

Here’s to wishing your children (and you) having no accidents in the first place. But in case you do, we hope you will get your children and yourself protected against them.

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Yours truly,
Harvin Sidhu