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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

Family

SG Budget Babe

Adelyn K
Adelyn K
Level 5. Genius
Answered 3d ago
Hi! I grew up with helpers too, as I had aged grandparents, so they needed more than 1 helper. so there were times, I had two helpers at once. :) From my experience, all the helpers we've had were Indonesian, I guess it's cause they were cheaper. The only downside is the language, but if you are going more for experienced helpers, then most likely they would have picked up some English language skills, but still ain't as good as Singapore English. It would be good if you or your elderly parents know some basic Malay, even if you don't, you can also learn from them like I did. It's a lot easier to communicate and also easier for us to learn Malay than for them to learn English. Otherwise, when you train them, use super simple English, like you are communicating to a 4-year old, and demonstrate slowly a few times, before you ask them to show you the same step back. Practice makes perfect, so you will need lots of patience with them. As the other comments have mentioned, most agencies beef up the maids' resume and age to be more than what it is. So what appears on paper, is most likely fake. Haha. I would recommend you to go to the agency, get them to give you a list of recommendations based on your criteria, then you shortlist a few, and request to speak to the maids in person (if you can, request for the agent to not be around, but do it in an open room concept, so that the maids are more comfortable to tell the truth). Then, you can ask them selected questions based on what the resume wrote, in order to find out the truth. For example, if the resume said the maid knows how to cook Chinese dishes, you can ask questions like "How do you prepare XXX?", "What dishes have you prepared before?", and from their answers, you can usually tell if they have the experience or not. Don't just take what the agent says at their word, cause once you sign on that contract, you most likely have to keep to it. I find that now is different from last time, there are some helpers who come from these countries but they have worked abroad in others, e.g. Taiwan/Hongkong/Malaysia and so they may be able to speak more than their own home languages. Finding a good helper is definitely more than just the agency itself, as most agencies would say the maids they chose are 'good', have xx qualifications, if not they won't hire them. But that's not true as even in reputable agencies, there are also horror stories. So, go with the person after you've had a chat with her and decide based on the conversation. Also, discuss with the agency if the person is not a good fit within xx weeks, what can be done? Good luck! :)

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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