Although I am also in the line of insurance, there is simply too much sales hype of “If you love your child, you MUST get them insurance.”

Insurance is for risk transfer if you cannot bear the consequence. So for child, I believe the risk to transfer will be mainly hospitalisation. For Death & Loss of Income, not to sound cruel, but from purely a financial point of view, children are more of a liability, if death were to occur, the parents actually saved money.

Conversely, the one who needs to review their insurance needs more will be the parents. Many times when I review for clients with new born, they are more concern of their child coverage then their own. Priorities are all wrong.

Determine based on needs and the correct concept of insurance as risk transfer. Not solely on price and product, it is a life long commitment, not going to the market to buy vegetables.

We should be buying thing that we need now and not because it is cheap now. If we really need it later, then don’t be too overly concerned that it will cost more later.

I believe toilet paper rolls will definitely cost more in 20 years time, why don’t we buy 20 years worth of toilet papers rolls and store them while they are cheaper now? Of course, you can argue, it has space constraint. Similarly, I can also argue that those dollars saved now can also be invested for compounding growth.