What is Cord Blood?
According to the Singapore Cord Blood Bank, cord blood refers to
"the blood that circulates through the umbilical cord from the foetus to the placenta. A short time after delivery, the umbilical cord is clamped and cut, and the remaining cord and its associated placenta are usually thrown away. The umbilical cord that remains attached to the placenta, has blood cells within it which has been found to be rich in blood stem cells. These cord blood cells have the potential to save lives. Blood stem cells are the young or immature cells that can transform into other forms of essential blood cell types, such as red blood cells, white blood cells and platelets."
So there are two points to note:1) cord blood is of great medical value as one can use it to treat a variety of diseases.
(refer to this list - http://www.stemcord.com/whybank_current.html)
2) Once there is another available alternative for treatment, it means that there is another area which requires medical insurance coverage.
What is Cord Blood Insurance?
This is how the cord blood insurance comes into picture. Cord blood insurance does not insure the cord blood per se, but it aims to provide medical coverage for a stem cell transplant using cord blood, should the child or immediate family require it. Currently, there is one insurer which provide this specialised insurance. (NB: NTUC INCOME used to have its own version of cordblood insurance known as Medicord, but it ceased in 2008.)
MANULIFE "Stemshield" (since 28/07/2008, for StemCord customers)
Is Cord Blood Insurance Necessary?
If you decide to bank your child's cord blood in the anticipation of any need, then this insurance would be appropriate because it will cover the medical costs of utilizing the cord blood for treatment. Moreover, the costs involved would be substantial as cord blood is used to treat serious illness such as cancers.
If you can afford the cost of storing the cord blood - which varies between S$1,280-S$1,400 for a one-time enrollment fee and subsequently charge an annual storage fee of S$250 - then the premiums for the cord blood insurance are comparatively affordable at S$50-S$180 per year. Therefore it would make sense to get this insurance to complement the package as a whole. Ultimately, what is the use of saving the blood if you cannot afford to use it?
If you can afford the cost of storing the cord blood - which varies between S$1,280-S$1,400 for a one-time enrollment fee and subsequently charge an annual storage fee of S$250 - then the premiums for the cord blood insurance are comparatively affordable at S$50-S$180 per year. Therefore it would make sense to get this insurance to complement the package as a whole. Ultimately, what is the use of saving the blood if you cannot afford to use it?
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