When I became a parent for the first time, I remember standing over my newborn’s crib at 2 a.m., wondering how something so tiny could make my heart feel this full — and simultaneously, this anxious.
It wasn’t just the usual new parent worries. In Singapore, raising a child doesn’t come cheap — hospital bills, infant care, enrichment classes, future education… the list goes on. But the real kicker? Thinking about what would happen if I weren’t around to provide all that.
That’s when I first got serious about life insurance.
Life Insurance = Love Letter to Your Child’s Future
To many, insurance feels like a grudge purchase. You don’t “see” the benefits right away, and it’s tempting to put it off. But as a parent, I began to see life insurance differently — not as a product, but as a safety net, a legacy, and ultimately, a promise.
If anything were to happen to me or my spouse, I wanted to make sure our kids could still have stability, a roof over their heads, and the same opportunities we dreamed for them. And that’s what life insurance offers.
What I Considered (and What You Should Too)
1. Who depends on me financially?
For us, it wasn’t just our kids. We also help support aging parents. So we needed to ensure that any plan we took covered both ends — children and elderly dependents.
2. How much coverage is enough?
A good rule of thumb is 10x your annual income, but we also factored in:
Outstanding mortgage
Estimated education costs (hello, uni fees!)
Daily living expenses (childcare, food, transport)
3. Term vs Whole Life Insurance
We opted for a mix of term and whole life. Term gave us high coverage at a lower cost (great for that “what if something happens in the next 20 years” concern), while whole life provided a lifelong foundation that builds cash value over time.
4. Do both parents need coverage?
Absolutely. Even if one parent isn’t working full-time, their role at home has huge economic value. Imagine the cost of replacing caregiving, managing the household, and emotional support — it’s massive.
The Day It Got Real
A few years ago, someone in my mummy group lost her husband suddenly. He was in his early 40s. It was heartbreaking — but what really struck me was how grateful she was that he had adequate life insurance.
Because of his planning, she didn’t have to uproot the kids from school, sell the flat, or give up on their future. She had the space to grieve without financial panic. That conversation stuck with me.
Planning Today, Peace of Mind Tomorrow
As parents, we often think about what we can give our kids now — love, time, healthy meals. But planning for what we may not be around to give tomorrow is just as important.
Life insurance isn’t about expecting the worst. It’s about loving responsibly. It’s a quiet but powerful way of saying: Even if I’m not here, I’ve got you covered.
Ready to Take That Step?
If you’re unsure where to begin, speak with a licensed financial adviser. Many provide complimentary consultations that can help you figure out what you truly need, based on your family, budget, and goals.
It’s one of those things you’ll never regret sorting out early — because your child’s future deserves more than just hope. It deserves a plan.
From one parent to another,
Founder of Kidyounot.sg
