#4: Locking in protection at a more competitive price
As children are the youngest and have the lowest likelihood of using all of their claims, the premium is more affordable for them from the get go. There is also a possibility of converting their medical plans when they turn 18 into a plan with more coverage, with no medical check-up required. Another advantage of getting protection for your child is the ability to maximize tax relief. To qualify for relief of up to RM3,000 yearly, ensure that the medical policy is in both you and your child’s names.
Once you have made the decision to protect your child, you can choose from two types of medical protection plans available. The main difference between both are additional benefits for each plan:
- A standalone medical plan like A-Life Med Regular is sufficient to cover all medical costs, including hospitalisation, consultation and treatment. It is an ideal plan if you’re looking for the most basic coverage and a fundamental standalone medical plan if you already have an existing term life insurance.
- A medical plan that rides on an existing life policy, like the A-Plus Med, offers additional medical coverage on top of existing life protection. You can also choose a more comprehensive rider that guarantees the payment of your child’s policy, in the event of your passing.