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Insurance

Disability Insurance

Persons With Disabilities

How strict are insurers on claims on disability income policies in the context of a mostly desk-bound job? Details and example in the description.?
Hey Jiachao. I'm guessing by you mentioning income replacement that you are referring to Careshield/Eldershield claim eligibility. Because Total and Permanent Disability insurance is lump sum payout. Careshield/Eldershield pays out if 3 out of 6 activities of daily living cannot be done - washing, transferring, dressing, feeding, toileting, mobility. Your occupation does not affect the payouts otherwise. Your occupation is only a factor when applying for the policy, as the insurer might increase your premiums if your occupation is particularly high risk. You can reach me here to find out more. I cover 9 companies including Aviva, NTUC, Manulife etc.

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PolicyPal

Insurance

Persons With Disabilities

Disability Insurance

What are the different types of disability insurance in Singapore?
There are three main types of insurance policies that provide a payout for disability. 1) Disability Income Insurance This is a form of insurance that provides income protection should you lose the ability to work due to a disability. It usually comes in the form of a fixed monthly payout (up to 80% of your average monthly income). 2) Total Permanent Disability (TPD) TPD is usually included in the coverage of a Life Insurance Policies, rather than coming as a stand-alone insurance. Unlike Disability Income Insurance, the payout often comes in the form of a lump sum payout, with the policy terminated upon the payout. It is also important to note that the definition of TPD can differ across insurers, so it is best to clarify the definitions before committing to a plan. 3) Severe Disability Insurance In Singapore, there are government schemes such as ElderShield and CareShield Life. The criteria for a payout is when a person cannot perform 3 out of the 6 Activities of Daily Living (ADLs). Get in touch with us if you require more information.

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Persons With Disabilities

Career

Salary

I would like to know which other companies are seeking to hire persons with disabilities. Any idea?
Clara Ng
Clara Ng, Community Manager at Seedly
Level 6. Master
Answered on 23 Mar 2020
Hi Anon, I agree that more can be done regarding awareness of which companies are supporting the hiring of PWDs. We've actually written an article sharing how PWDs can sign up for employment training schemes as well as where they can seek employment opportunities at. Here's the link to the article: https://blog.seedly.sg/employment-pwds-singapore/ Hope this helps!

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Persons With Disabilities

Insurance

Disability Insurance

SG Budget Babe

Is it more important to get insurance for my disabled child or myself?
You are the pillar holding up the family unit and if anything should happen to you, there is no way to replace what you are doing, unless money is made available to hire the right kind of support and care. Hence you would want to ensure sufficient coverage in terms of Hospitalization, Critical Illness, Death/TPD (since your child is a dependent), Disability Income, Personal Accident, in that order. Which insurance policies suit you will be dependent on what you have now. You'll have to see what you need, subtract what you have now, and based on the shortfall, you can work with an independent financial advisor to find the most cost effective plans to make up that shortfall.

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Persons With Disabilities

Personal Finance 101

SG Budget Babe

Insurance

Investment Linked Policies (ILP)

Hospitalisation Insurance (H&S)

Investments

Stocks Discussion

I am partially disabled - able to work part time but not full-time due to a severe injury. How should I best allocate my finances (insurance, investments)?
Hi anon, I am so sorry to hear of your situation, but reading the other answers and your responses as well, it looks like legal recourse is out of the picture. The big picture stays the same: Build income streams, and keep liquidity as a buffer. Income streams have two forms: Guaranteed and Variable. On the Guaranteed side, it's really about annuities. Stable, guaranteed income streams for a period of time, or even for life. They form the bedrock of your portfolio to deal with basic living expenses. CPF Life is one of the best there is, so if you can work part time, do ensure that you get CPF contributions. As long as you contribute to CPF, you'll have a decent amount when you turn 55. Private annuities can be used as an inflation hedge or to complement. For Variable, you have stocks, ETFs, UTs. All carry risks, without any guarantee of dividend, but their yield will be higher. The finer details can be very lengthy to talk about, so I won't elaborate here. The trade off, as always, is risk. Volatility can and will cause emotions to run high, so if you are good at managing that, you can allocate a higher proportion to Variable asset classes. Get a good mix of both in your portfolio (start with a 50/50 split first and adjust in accordance with your preferences), keep a year worth of rainy day funds, and keep spare cash as a warchest to leverage on opportunities. Keep the hospitalization. The ILP has to be kept too at the moment, since you are very unlikely to be able to get a policy in future as long as there is medical underwriting involved. However, don't give up hope! Medical advances may mean that your situation could be reversed years down the road. I wish you all the best!

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Persons With Disabilities

Family

SG Budget Babe

I'm looking to hire a domestic helper to take care of my elderly parents, what are some things I should be considering?
Junus Eu
Junus Eu
Level 9. God of Wisdom
Updated on 04 Dec 2019
It's really not so much the maid agency, or even where they are from, but how they are as individuals. One thing you could look out for is the duration ie. Number of years they were with their previous employer. Some households are super good with imparting skills. I have a friend who imparted all her cooking skills to her two helpers, and the food they cook is absolutely delish. Also another important thing is to try to know them first and see if communication is an issue. Communication is not just language, but also how your personality goes with theirs.

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Persons With Disabilities

Insurance

How can Persons With Disability go about getting insurance for themselves? What about the caregivers?
Rachel Yeo
Rachel Yeo, Content Strategist at Seedly
Level 5. Genius
Answered on 03 Dec 2019
Hello! :) That's a great question! LIke what the others said, it can be real difficult buying insurance for your child with autism. If you are looking for unit trusts available for your child in an event you pass away, you can take a look at the SNTC Trust, and the SNTC Savings Scheme! You can read more about the different type of help you can get here: https://blog.seedly.sg/money-fm-pwds-grants-employment-and-unit-trusts You can also find out more about the SNTC trust here: https://www.sntc.org.sg/Pages/Home.aspx

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3

Persons With Disabilities

SG Budget Babe

Family

I have a son with a disability, are there specific things i should consider when writing a will?
Hi there! I represent my clients at Rockwills Corporation. And part of my work includes Will writing and estate planning for my clients. For most Wills, the money will be given to the child directly. As a result, there may be problems such as those that you have mentioned. With this in mind, greater care is required when we draft up the Will. Instead, you may consider setting up a trust, e.g. discretionary trust. Through this channel, we can instruct the trust to payout a fixed amount to your child for his needs every month. Additionally, we can draw out more funds from the trust when required, e.g. to buy a large ticket item. With a trust, we will retain greater control over your money, rather than to worry about it. Hence, it is an option worth considering over a Will. Here is everything about me and what I do best.

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