Preparing for your baby

There is always so much to do and buy in preparation for the arrival of your baby. Whether it’s your first child, or if you’ve done it all before, splashing out on new baby gear is both exciting and fun. From the cot and bedding, change tables, clothes and toys, to the car safety seats, the list of “must-haves” can seem overwhelming. We invest in, buy and borrow items that will help make our journey through parenthood an easier more enjoyable one, and which will keep our baby safe and comfortable in their new home.

Medical protection for your baby

In the excitement of prepping baby’s nursery, it is easy to forget about the financial and medical protection of your wee bundle of joy. Before you’re rushed to the delivery suite, check in with your Registered Financial Adviser and see if your medical or life insurance policy includes your soon to be born child. Some insurers have children's cover built in, while with others, you will have to ask for it.

Apply within 90 days

In order to offer the best protection for your child, you can add your new baby to your existing insurance policy generally within the first 90 days of their birth. Most insurers will want proof, such as a birth certificate, and some will just ask for a declaration from the parents. Any medical condition that baby develops in the first 90 days may be excluded, but anything that develops after this time, baby should be covered for. If you wait even longer to cover baby, then you run the risk of further exclusions and you may have to complete a medical statement.

Pre-existing vs congenital

It is important to understand the difference between pre-existing conditions and congenital conditions, as most insurance policies do not cover congenital conditions. A congenital condition is something that you are born with, (or for insurance purposes something that is developed within the first 90 days), whereas a pre-existing condition is something that you have developed after the first 90 days of being born. For example, tongue-tie surgery needed on a baby will generally not be covered, as that is something a baby is born with. However, a child that needs grommets inserted to prevent reoccurring ear infections (one of the most common procedures for children) can be covered.

But isn't the GP free for kids?

Yes, GP visits are free to children under 13 years of age and therefore getting medical cover for your healthy children may seem unnecessary. However, if your child develops any conditions prior to seeking insurance cover as an adult, then these conditions could be considered a pre-existing condition. A pre-existing condition is a health problem that exists before you apply for a policy. If you have a pre-existing condition, insurance companies are likely to exclude cover for that condition, charge a higher premium or impose a waiting period before they will cover that condition. If you insure your child while they are young, fit and healthy, they will keep the policy when they reach 18 or 21 years old (depending on the insurer) and because they already have cover in place, they will not have any pre-existing conditions. This includes big health concerns, such as cancer or heart issues, as well as, smaller ones like allergies or asthma. Other reasons to insure you children young, include having access to private care, skipping the public queues, as well as, having access to the best treatments to non pharmac approved chemo and immuno therapy medicines and drugs (with some insurers).

What other cover options are there?

Some insurers offer additional Trauma Cover for children (for free), if a parent already has an existing Trauma policy in place. We can help you with further advice, if you're unsure what you and your family's needs are. Contact us here

Get free advice now

So, what are you waiting for (apart from the arrival of your baby!?) If it’s worth waiting nine months for your precious bundle to arrive, then it’s worth the two minutes it takes to complete a quick and easy online form. And you can do it from the comfort of home or on the go at www.clickcover.co.nz

If you haven’t had a review of your policies for a while (you should have an annual review by a Registered Financial Adviser) then now is the time!

Swaddle that little one in insurance love at www.clickcover.co.nz