Parents of special needs children can now multiply their financial provisions for them well into the future, through a partnership between the Special Needs Trust Company (SNTC) and leading regional insurer Great Eastern.
Amounts which parents put into a trust arrangement with SNTC for their special needs child can be augmented through Great Eastern Cares Term Plan, developed as a response to the needs of this community, as part of the insurer’s mission of helping to improve lives through financial inclusion.
This plan makes affordable insurance coverage accessible to parents of SNTC beneficiaries so they can provide better for the cost of long-term care for their special needs children in future.
Parents who open a trust account with SNTC for their child, can choose to purchase the Great Eastern Cares Term Plan. Through the trust, they can ensure their children receive the gifts willed to them according to their wishes, such as insurance policies, CPF savings nominated and others. Proceeds from these can then help finance their needs in their lifetime after the parent’s demise.
SNTC is a non-profit trust company in Singapore dedicated to enhancing the financial security and well-being of persons with special needs through the provision of affordable trust services. It currently serves over 900 beneficiaries with a wide spectrum of special needs, ranging from physical to intellectual disabilities, and provides trust services to support them for the long term.
SNTC’s social workers work with parents to develop individualised care plans for their children to derive a projection on the amount the parents will need to set aside to provide for their child’s long-term care.
SNTC’s GOAL sponsorship scheme
SNTC has found that many parents have difficulties raising the initial S$5,000 deposit to set up an SNTC trust and they are also hard-pressed to save for their special needs children. To address these financial challenges, SNTC has launched the Gift Of A Lifetime (GOAL) Sponsorship Scheme to support eligible families by helping them put a plan in place to provide for their special needs children.
SNTC chairman Moses Lee said, “Planning to provide for special needs children is very important. As special needs children are often unable to manage their finances into adulthood and they may well outlive their caregivers, money intended for their care is best managed by reliable professionals to administer and safeguard the funds for them. That is why SNTC was first set up, to serve this community of persons with special needs.”
“Many families may not even be able to leave behind enough funds to help pay for their children’s living and medical expenses when they are no longer around to care for them. We believe insurance is an important aspect of forward planning for these families and affordability is key to help them get started.”
“We sought this partnership with Great Eastern as we believe together, we can support families with special needs children in a more holistic way. Donations received under our GOAL Sponsorship will provide eligible means-tested families with the initial deposit to set up an SNTC trust and also co-pay the premium of a term plan on the parent’s life,” he said.