A child's birth is one of the most beautiful moments in a parent's life. Shortly thereafter, however, parents are faced with an important question: what kinds of insurance does our baby need to start life with the best possible protection?
These are the five types of insurance you must or should have:
1. Health insurance
You must apply for health insurance for your baby within three months of its birth at the latest. Health insurance basically covers all necessary medical expenses, e.g. many vaccinations and preventive check-ups. Opt for a deductible of 0 francs for children – a higher deductible hardly ever pays off.
2. Supplemental insurance
Conventional or alternative medicine? Maybe you prefer trying a more gentle treatment approach with your child. In that case, you might want to consider taking out a supplemental insurance for alternative medicine as basic insurance only covers certain treatment methods. Dental insurance is also advisable. Not all children are blessed with a naturally healthy and straight set of teeth. Orthodontic treatment can easily cost way over 10,000 francs. We recommend taking out dental insurance shortly after birth. The latest possible moment to do this is before the child's first dental appointment.
3. Contents insurance
A new child also means new additions to your household: pushchair, cot, clothes, accessories – the value of your home contents increases. Do not forget to adjust the sum insured in the policy of your contents insurance. Underinsurance can have aggravating consequences: if your home contents have a total value of 100,000 francs, but you have only insured them at 80,000 francs, the insurance company may cut your benefits by 20 per cent in the event of a claim. So, if your damage is 30,000 francs, you would only be paid 24,000 francs.
4. Personal liability
For now, your baby is still very dependent on you – but soon it will start to discover the world on its own, using all its senses. It is perfectly normal that it will also break a few things in the process. We therefore strongly recommend to include your children in your personal liability insurance. Usually, it is enough to notify your insurance provider without having to pay an additional premium.
5. Life insurance
You may want to contemplate buying life insurance to make sure that your family does not encounter financial problems should the principal earner become disabled or die. If only one parent works, it is still advisable to take out life insurance for both. If an insured event occurs, the cost of child care and housekeeping is also covered.