RAISING a child can put a smile on your face.
There’s no denying that starting a family is a rewarding experience. However, it comes with a long list of things to worry about such as pregnancy complications and child-related critical illnesses.
Additionally, the cost of raising a child isn’t as affordable as it was before and will continue to grow – giving even the most optimistic mother on the planet a big headache.
Cost of Raising a Child in Malaysia
According to a report published by The Edge Malaysia, the cost of raising a child from birth to university ranges from approximately RM400k to RM1.4 million. That’s a lot of money!
The disparity between the lowest and highest estimated cost of raising a child is dependent on choice of products and services along with the price.
Another aspect to consider is prenatal and delivery expenses. Listed below is a summary of prenatal and delivery healthcare services in Malaysia with estimated costs:-
| Healthcare Services | Government Healthcare Service Providers | Private Healthcare Service Providers |
|---|---|---|
| Prenatal Check-ups | RM 0 | RM 200 per visit |
| Normal Delivery | RM 60 – 2k | RM 3k – 10k |
| C-Section Delivery | RM 100 – 800 | RM 6k – 15k |
| Vaccinations* | RM 0 | RM 70 – 150 per visit |
Note: *Most of the important vaccines. (Sourced from Free Malaysia Today)
Choosing the Right Insurance Plan
As shown above, raising a child can burn a hole in your pocket. What more if there are complications. Fortunately, there are various insurance plans that cater to different sets of needs such as providing protection and even offering some form of savings over time.
Pregnancy & Newborn Insurance
An insurance plan that provides coverage for both mother and child during pregnancy. This particular insurance plan specifically covers a wide range of pregnancy complications such as eclampsia and pregnancy loss or miscarriage.
Education Insurance
This insurance plan actually functions as a savings plan that offers a lump-sum payout at the end of the policy period / upon maturity to cover education expenses, notably, tuition fees.
Higher education expenses may differ from RM 10k to RM 400k per year depending on the type of course.
Health or Medical Insurance
A protection plan that provides coverage for you and your child’s medical or surgical needs – allowing you access to quality healthcare services.
Here’s a Plan for You and Your Child
We understand that as an expectant mother, you have a list of items you need to prepare for. Thus, finding the best insurance solution can be a hassle.
Fortunately, we have found one that will suit you and your child. Introducing PRUMy Child Plus, a protection plan by Prudential that provides coverage from as early as 14 weeks into your pregnancy.
About PRUMy Child Plus
Offers coverage for prenatal, critical illnesses, medical, accidental complications, and payor riders – making it a comprehensive insurance solution to meet your baby’s protection needs…even before they are born!
Some of the key highlights of PRUMy Child Plus include:-
- For expectant mothers, coverage is provided from as early as 14 weeks into your pregnancy.
- Coverage for newborns including neonatal jaundice and other congenital conditions.
- Lifelong protection whereby coverage for children-related critical illnesses will be automatically converted to adult-related critical illnesses upon your child reaching the age of 25.
Easy And Simple Enrolment (EASE)*
When you have been covered under PRUWith You, you can easily cover your next pregnancy under the EASE* process without going through full underwriting. * Terms and conditions apply.
Pregnancy and Newborn Coverage
Provides coverage from pregnancy stage as early as 14 gestational weeks and coverage for newborn including neonatal jaundice and other congenital conditions.
Goal Achievement Benefit*
Reward for achieving significant milestones or goals in your child’s life. * Terms and conditions apply.
Lifelong Protection^
Ease your mind knowing that your child’s coverage remains relevant to their protection needs by automatically converting the specific Child Critical Illness coverage to 43 Critical Illnesses at age 25. This protection continues up to age 100^.
^ To ensure that the policy has sufficient account value, additional premium is likely required for continuous coverage up to age 100.
Important Notice and Disclaimer
PRUMy Child Plus is underwritten by Prudential Assurance Malaysia Berhad (“PAMB”). You should assess the affordability and suitability of the product (including optional riders) in relation to your financial goals and risk appetite. To achieve that, we recommend that you speak to your Prudential Representative who will perform a needs analysis and assist you in making an informed decision. This presentation is for illustrative purpose only. Please refer to the PRUMy Child Plus brochure (if any), Product Disclosure Sheet and Product Illustration before purchasing a plan, and to the terms and conditions in the policy document for details of the important features of the plan.
Conclusion
There’s no disputing the fact that having a child is a long-term commitment. Hence, it’s never too early to start planning for your family even while you are pregnant.
Always invest prudently and wisely so why not place a portion of your financial commitment with a trusted insurance provider to create a safety net for both you and your child in case of complications during pregnancy and delivery or if your child is diagnosed with critical illnesses.
Apart from that, it is advisable not to depend solely on your Employees Provident Fund (EPF) for health or education withdrawals as this could cause insufficient savings for your retirement.
As such, it is important to invest in the right insurance plan so that you can rest assure that you and your family are well protected, and enjoy the good times while raising your child.
