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Insure Unborn Child - A New Policy From ING

By Sandy Naidu | May 7, 2008

Last week ING Australia announced that it will be offering insurance cover for unborn babies (’baby cover’). The baby cover policy is an optional extra in ING’s top life insurance policy, ‘One Care’ policy. The full details of the policy has not been released yet.

I called them and asked for a pds document and they said they will post it to me as soon as the new ones (with baby cover update) comes in…Once I get that I will write another post about the full details..Until then here is what I found out about the policy:



The Target Market And What Is Covered


The policy covers pregnancy complications, birth defects and still birth.

The median age for new mums in Australia today is 31. It has risen from 27 in 1985. This insurance policy is for women between the ages of 16 and 40. Though the policy targets wide age group, I think it will be particularly attractive to older women - because statistically the chances of complications increases with the age of the mum. With a rise in the median age for new mums, this policy is probably something waiting to happen.

The policy has a 12 month waiting period and ends when the child turns two (so I am assuming that you will get the payout only if the problem in the child has been identified before the child turns two).

The payout is $50,000 for defects and complications and $10,000 for still births. The payout can be spent on anything….

The premiums are quite hefty…It increases with the age of the woman in cover. ING says that for a 32 year old non-smoker woman the life insurance policy (in which the baby cover is an add on) will cost $1443.26 annually…That is around 120 dollars per month - definitely steep…



A Few Checks And Questions


  • Your current health insurance might already cover your neo-natal expenses…If neo-natal expenses is your only concern, first check if you are already covered for this under your current insurer.


  • Find out if ING will require you to undergo invasive tests to cover you…


  • The doctors and midwives haven’t been very supportive to this insurance policy…Their argument is that - ING through this policy is spreading fear and anxiety among women plus the incidence of the things covered in the policy is quite low…And 50,000 dollars is probably not anywhere close enough to cover a sick child - A valid argument….


  • There is also an argument that this policy might discourage women to terminate the pregnancy - even if they find out there is something wrong…


  • The policy does not cover miscarriage or complications due to IVF…Read the fine print carefully before you sign up.


    • What are your thoughts about this new cover?

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    Topics: Insurance |

    2 Responses to “Insure Unborn Child - A New Policy From ING”


    1. Dr.Mani Says:
      May 11th, 2008 at 2:38 am

      Interesting blog, Sandy. I like the information you’re sharing, and think some of my subscribers will find it helpful too. Keep up the great work :)

      All success
      Dr.Mani

    2. sandy Says:
      May 13th, 2008 at 3:15 am

      Thank you Dr.Mani…

    Comments

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