Critical illness coverage for a baby

Dear Mr. Tan,
Is it possible to buy term insurance with critical illness coverage for my newborn baby? Or must I sign up for a whole life policy to have critical illness coverage?

I am looking to cover him up to age 65. I will also be getting for him Enhanced Incomeshield (Preferred) Plan. I feel that critical illness coverage is essential even with a Shield Plan as the Shield Plan only covers hospitalisation and surgical expenses but not living expenses, which could place a heavy burden on an affected person's family if the affected person is unable to find permanent employment for an extended time. Please advise.

REPLY

My view is that it is not necessary to buy Term insurance or critical illness coverage for a baby or a child.

If you feel that this is necessary, you should be able to find an insurance agent to sell the coverage for you. The agent is likely to convince you to buy a whole life policy.

Read this FAQ:
http://www.tankinlian.com/faq/choice.html