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 2 (GMC 2) 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 18 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 3 (GWA 3), you can make small and regular contributions to secure your family's future.

GWA 3 offers a multipronged 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 3 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 participating endowment plan, GREAT Wealth Multiplier 3 (GWM 3).

Designed to grow your savings by up to eight times or more¹, it comes with a 100% capital guarantee as early as the end of the 10th 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 2, GREAT Wealth Multiplier 3 and GREAT Wealth Advantage 3 to find out more.

Footnotes:

¹ Based on the illustrated cash value at the end of policy year 60, premium payment term of 5 years and an illustrated investment rate of return (IIRR) of the participating fund at 4.25% p.a.. Based on IIRR of 3.00% p.a., the multiplied returns are up to 4.4 times or more. Potential returns are not guaranteed and are dependent on the premium payment term and policy year when the plan terminates. The actual benefits payable may vary according to the future performance of the participating fund.

² Capital guarantee is on the condition that no policy alterations are made. Capital is guaranteed from the end of the 10th policy year for single premium policy, from the end of the 15th policy year for premium payment terms of 5 years and 10 years and from the end of the 20th policy year for premium payment term of 15 years.

³ For Total and Permanent Disability (TPD) that takes the form of total and irrecoverable loss of the: (a) sight in both eyes; (b) use of two limbs at or above the wrist or ankle; or (c) sight in one eye and the use of one limb at or above the wrist or ankle, the life assured will be covered for the whole of the policy term. For other forms of TPD, it must occur before the policy anniversary on which the life assured is age 65 next birthday. You are advised to refer to the product summary for more details.

Disclaimers:

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.

Information correct as at 18 January 2024.