Special Needs Child? Consider Survivorship Life Insurance
If you are a parent of a child with special needs, planning for the long-term may include providing financial assistance for when your child becomes an adult. Life insurance should be a part of every family’s financial plan. However, for families with a member who will require assistance for their entire life, there are exceptional circumstances that must be considered.
Personal Life Insurance
The first step in life insurance planning includes purchasing a policy on yourself. This policy will provide the funds necessary to help your spouse and children remain financial stable. The life insurance benefits can help pay the mortgage, automobile loans, and other debts. Money can also be used to fund future expenses such as college tuition or a wedding.
There are different types of life insurance policies you can consider. Whether you choose term, variable, or whole life, the important thing is to purchase enough to provide for those left behind. This may include sums earmarked for a special needs child’s therapy, schooling, or medical bills.
Survivorship Life Insurance
Your child will still have your partner to care for him or her. Your individual life insurance policy will provide the money necessary to reduce the financial burden you leave behind. But, parents of special needs children may need to plan financially for what happens when your child outlives both of you.
Fortunately, there is a very cost-effective way to provide the financial assistance your child will need well into adulthood – survivorship life insurance. Also known as second-to-die life insurance, this policy is written on both parents. Since the risk is spread among two individuals, the cost of survivorship life insurance is much lower than an individual policy.
Planning for the Future
Survivorship life insurance is an affordable way to provide the financial assistance your special needs child may require in the future. For children receiving public needs-based assistance, it is recommended survivorship life insurance be placed in a special needs trust. The trust allows your child to continue receiving public benefits while also providing direction on how the benefits can be used. Survivorship life insurance is a relatively simple product. However, financial planning for special needs families can be very complex. Please contact me or someone specialized in special needs planning to learn more.
Featured Blogs
- Aging and Our Body’s Ability to Heal Itself
- What is Credit Health Insurance?
- Keeping Health Insurance After a Layoff
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- Electric Car: To Buy or to Lease?
- What experts say about raising the retirement age
- Coverage for healthcare treatment denied? Here’s what you can do.
- How are the proceeds of a life settlement taxed?
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- What Every Renter Needs to Know about Renters Insurance
- Medicaid Unwinding: Your Questions Answered
- Does Uber Insurance Cover Passengers?
- Living Your Best Life After 60
- Weird Things Covered by Home Insurance
- Buying Health Insurance: A Millennial’s Guide
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Set Yourself Up for Success with Your Fitness Routine
- When to Upgrade Your Auto Insurance
- Winter Hydration – Do I Need It?
- What Does My Home Insurance Policy Cover?
- I’m 60+; Do I Need Life Insurance?
- Why Do I Keep Breaking My New Year’s Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- Are You Paying Too Much for Auto Insurance?
- 6 Cold Weather Safety Tips
- 10 Tips for Managing Cholesterol Levels
- How Social Security Cost-of-Living Adjustments Affect Your Taxes
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Fun Part-Time Jobs for Retirees
- Building Bone Density for Seniors
- Living Outside Your Comfort Zone in Retirement
- 16 Tips for Keeping Your Home Secure While You’re Away
- 3 Top Habits that Lead to a Happy Life After Retirement
- Should You Insure Your Gifts?
- Everything You Need to Know When Retiring Under 65
- The Most Important Fall Home Maintenance Tasks
- 7 Benefits of Slow Travel
- Do you need $1M to retire?
- Utilizing Medicare Preventative Services
- The Harsh Reality of Credit Card Fees
- Keeping Your Health Insurance Affordable
- How to Retire Early
- 7 Tips to Weather Challenging Periods in Your Life
- What is a Variable Annuity? 4 Key Details You Should Know
- Financial Planning After Saying “I Do!” – 3 Crucial Steps
- 4 of the Best Ways to Stay Healthy this Summer
- 4 Boat Safety Precautions to Take this Summer
- How to Prevent Sun Damage to Your Eyes
- 3 Tips for Safer Grilling
- Rental Car Road Trip? Consider Buying This Coverage
- When the Sun is NOT Your Friend (What You Need to Know about Sun Exposure)
- Tips to Avoid Stress Eating
- Lifestyle Changes in Retirement that Will Impact Your Finances
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- Are Annuities a Good Investment?
- How Does Inflation Affect Life Insurance?
- Know the Benefits of Walking
- Do Brain Food Supplements Really Work?
- Using Life Insurance in Estate Planning
- Ways You Can Spend Less on Gas
- Is Your Retirement Income Keeping Pace with Inflation?
- What Are Alternatives if LTC isn’t Right for You?
- 4 Tips for a Less Stressful Summer
- 6 Factors Impacting Homeowners Insurance Costs
- Veteran and Medicare Benefits Work Together
- What are the Safest States From Natural Disasters?
- How to Protect Your Home from Wildfires
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- 7 Myths About Your Back Pain
- How to Prepare for Retirement Considering Inflation
- 5 Foods that Will Help Keep Your Mind Healthy
- Don’t Throw Away Those Used Coffee Grounds
- I’m 50 Years Old. Should I Keep My Life Insurance?
- Are Personal Items Covered by My Auto Insurance Policy?
- How to Spot Government Imposters
- 5 Mistakes to Avoid When Buying a Life Insurance Policy
- Do I Really Need Condominium Insurance?
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- The Cost of Home Ownership
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- Death and Taxes (and Insurance?)
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Do I Need a Long-Term Care Plan?
- Aging In Place – What You’ll Need
- Senior Diet: To Meat or Not to Meat
- What Is Road Trip Insurance?
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- Choosing the Right Homeowners Insurance
- How to Get Health Insurance if You’re a Freelancer
- Safety Tips for Driving in Winter
- What to do if Your Travels Get Delayed Due to Weather or Flight Cancellations
- Ways to Locate a Lost Life Insurance Policy
- Critical Times in Life that You Need Life Insurance
- Is Working from Home Covered by Homeowners Insurance?
- Giving and Forgiving
- Overlooked Products to Consider When Planning for Retirement
- Why Buy Life Insurance on Children
- Things We Are Grateful for This Year
- What to Avoid When Switching to Medicare from the Public Health Exchange
- Maintenance Checklist for the Year-End
- How to Host a Successful Virtual Holiday Party
- Is One of These Factors Keeping You from Seeking Life Insurance?
- Is Pet Insurance Worth It?
- Ben Franklin: Father of Modern Insurance
- Who Invented Insurance Anyway?
- Common Senior Micronutrient Deficiencies
- Stacked vs Non-Stacked Uninsured Motorist Coverage
- The Art of Aging Well
- Insure What? Celebrity Body Parts Insured
- Using HSAs in Your Retirement Planning
- 6 Strange Insurance Policies You Can Buy
- How Much Do Millennials Actually Need to Retire Comfortably?
- How Valuable Is Cash Value Life Insurance?
- Mistakes You Can Make When Exercising at Home
- Why You Should Never Lie to the Underwriter
- Baby On Board! 9 Tips for Carrying Precious Cargo
- Forget Salad Recipes, Try a Salad “Matrix”
- Mortgages Dissected: Details to Know
- Will My Life Insurance Policy Cover Me If Something Happens While Traveling?
- 5 Most Common Estate Planning Mistakes
- I’ve Been Denied a Life Insurance Policy. Now What?
- Bucket List Ideas and Why It’s Important
- Insurance Coverage All Small Business Owners Must Consider
- Getting Fit Before the Medical Exam
- The Basics of Insurance APIs
- Don’t Lose Non-Refundable Down Payments with Travel Insurance
- 8 Gas Savings Tips During Summer
- It’s time for your end-of-the-year insurance review
- Wishing You a Happy Holiday Season And Healthy New Year
- Do You Know What These Key Insurance Terms Mean?
- Dates and deadlines for 2019 Individual Health Insurance Coverage
- It’s Medicare Open Enrollment
- It’s Medicare Open Enrollment Period – Let Us Help You Get Ready
- Answer These Questions to Help You Make the Best Medicare Coverage Choices