Maternity Insurance – What it is and why you need it. 

Preparing for your child’s arrival is an exciting time. While being pregnant marks the start of a very important and exciting chapter in your life,  it is also undeniably a stressful period as you need to take care of your own and your baby's health at the same time. 

You may consider getting maternity insurance to cover unforeseen events, which can help to alleviate some financial stress should unplanned events happen. At this point, you may wonder: how does maternity insurance differ from standard insurance policies?

How maternity insurance differs from the standard insurance plan is that it offers protection specific to mothers and babies. Maternity insurance is mostly a single premium term insurance that provides coverage to both the mother while she is pregnant and to the baby for a specified period after birth.  Getting maternity insurance will give you a peace of mind knowing that the mother will get coverage for a list of pregancy complications and her baby will get coverage for a list of congenital illnesses. 

Most are aware of the importance to get financial protection for pregnancy complications and congenital illnesses, but the psychological health of new mothers are often overlooked. Beyond those glamorous Instagram-worthy moments of motherhood, many soon-to-be mothers actually find themselves suddenly hit by overwhelming emotions post-delivery. Between care giving and battling fatigue, they struggle to handle the necessary day-to-day tasks as a new mother.

While it is inevitable to shower most of the attention on the new baby, it is important to check in on how the mother is holding up regularly to see if they are coping well both physically and emotionally. If not discovered early, some new mothers might develop Postnatal Depression over time, which can be an emotionally and financially draining condition to treat without the support of maternity insurance. 

Postnatal depression (PND), sometimes referred to as post-partum depression, is a condition women face post-delivery and is sometimes confused with baby blues. Unlike baby blues, PND is an illness unlikely to get better as quickly as baby blues, especially when new mothers handle their condition without help¹. According to Health Hub Singapore, postnatal depression affects as many as one in 10 women who have recently given birth¹, making PND a real concern. 

According to Health Hub Singapore, these are the common symptoms of PND.

• Low/sad mood
• Irritability
• Extreme tiredness with no energy
•  A loss of interest in activities
• Poor sleep
• A sense of hopelessness
• A sense of guilt
• Lack of appetite
• Tearfulness
• Anxiety
• Physical symptoms such as body aches
• Negative feelings towards your baby

Recognising the symptoms and seeking the help of a mental health professional as soon as possible is the key to receiving immediate treatment.  For milder forms of depression, patients can be treated by going through counselling sessions with a psychotherapist or joining a support group. For more severe patients, medication will be required along with psychological therapy¹. 

As a pregnant woman, you will want to ensure you have access to the resources to help you cope in the unfortunate event of PND. But how do you get started? This is where having a maternity insurance plan can fill the gap for you.

With some maternity insurance plans providing coverage for psychotherapy treatments,  mothers can feel secure in knowing that they can receive the treatment they need should PND happen to them.  At the end of the day, pregnancy is a wonderful and beautiful journey. Having sufficient financial coverage should unforeseen events happen will allow mothers and their loved ones to enjoy this journey to the fullest. 

Awarded the “Best Maternity Insurance Plan for Mother and Child” for the fourth consecutive year², Manulife’s ReadyMummy Maternity Insurance plan³ takes care of your needs for a worry-free parenthood. This 3-year maternity plan starts as early as 13 weeks into the pregnancy. It protects the pregnant mother against 14 pregnancy complications⁴ at 100% of the sum insured, including the unfortunate event of miscarriage due to an accident while covering the baby against 24 congenital illnesses⁴ at 100% of the sum insured.

Understanding how important it is to care for the psychological well-being of mothers, ReadyMummy is the first of its kind to cover psychotherapy treatment⁵ to provide mental wellness support for the mother.

With the multiple layers of protection offered by ReadyMummy, you can focus on the joys of motherhood, knowing that your family is well-equipped to seek the required treatments in the event of an unfortunate incident. 

Disclaimer

Manulife ReadyMummy is underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. This policy has no cash value. Buying health insurance products that are unsuitable for you may affect your ability to finance your future healthcare needs. This article is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.

The policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

We recommend that you seek advice from a Manulife Financial Consultant or our Appointed Distributors before making a commitment to purchase a policy.

Footnotes

1. https://www.healthhub.sg/live-healthy/1676/understanding-postnatal-depression

2. https://parentsworld.com.sg/2022/04/05/best-maternity-insurance-plan-for-mother-and-child-4/

3. This plan covers up to 2 biological children born from a single pregnancy; and singleton pregnancy (only 1 biological child) from assisted reproduction techniques without complications. Only 1 maternity plan is allowed for each pregnancy.

4. Please refer to the policy contract for definitions of covered conditions.

5. Upon diagnosis of Major Depressive Disorder (MDD) or Generalised Anxiety Disorders (GAD), the mother must have been on medication prescribed by a registered psychiatrist and undergoing regular psychotherapy treatment, for at least 6 continuous months.