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Persons With Disabilities

Singapore's first Personal Finance QnA Platform for Persons With Disabilities

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Persons With Disabilities

Insurance

Disability Insurance

SG Budget Babe

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.

Persons With Disabilities

Personal Finance 101

SG Budget Babe

Insurance

Investment Linked Policies (ILP)

Hospitalisation Insurance (H&S)

Investments

Stocks Discussion

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!

Persons With Disabilities

Family

SG Budget Babe

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Dec)

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.

Persons With Disabilities

Insurance

While it may be difficult buying insurance for the child, it is of utmost importance you get yourself covered with as much as the insurer is willing to give you. Right now, if you are the main caregiver, the child is a critical dependent that would be dependent on your income or another source of income for their entire life. Without a sustainable and reliable means for earning an income for themselves, you have to make sure to protect yours and continue this source of income even after you may pass. I'll personally buy as much life insurance and critical illness cover the insurance company will give me, set up a trust or a foundation, convert my insurance payout into an immediate annuity that will turn the lumpsum into a stream of perpetual income and have the trustee support the child aka the beneficiary for the rest of their life.

Persons With Disabilities

SG Budget Babe

Family

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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