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How to Keep Your Special-Needs Child Thriving with Life Insurance

Dec 30, 2014 2:15:00 PM

Parents wish for their children to have a better life than they did and try to shape their children into independent adults who will succeed once they leave the safety of the nest.

As the parent of a special-needs child, providing for your child is a life-long endeavor because you understand you are responsible for your child throughout their entire life. And depending on your son or daughter’s condition, there is a very real chance that they’ll outlive you.

If that happens, who will care for your child? Who can you trust with the well-being of your son or daughter?

At IntelliQuote, we’ve learned that preparing for these tough questions today will help ease your mind tomorrow. We understand that raising a special-needs child can sometimes feel like a hurricane uprooting all certainty in the blink of an eye. Today’s post explores four ways that a life insurance policy can be used to help anchor you and your family amid the turbulence.

1) Who can you trust with your trust? As the parent of a special-needs child, you advocate on your child’s behalf 24-7. They need a cheerleader in their corner, someone who will make sure their needs are attended to and will never take advantage of him or her. Taking action today and setting up a trust for your child with beneficiaries that you appoint will provide financial security and protect your child from becoming victimized in the future.

2) Housing costs: You’ve been attentive to your child throughout his or her life. Who knows your child’s personality and needs better than you? Can you say with absolute certainty that he or she will continue to receive this level of attention? What about housing needs? Would your child thrive in a group home or are they more individualistic with a need for his or her own space? Who will pay the bill for the housing option that is best?

3) Pay off medical expenses: MaryAnn Raccosta has two sons, each born with a unique set of physical conditions: James was born with liver disease, and Sam was born with a recessive metabolic disorder, which severely weakened his muscles and left him wheelchair bound. She and her husband spent the bulk of their sons’ childhood trying to keep their heads above the piles of never-ending hospital bills.

Yes, you can do your best to stay on top of medical bills when you’re alive. But what happens after you’ve you passed on? Setting up a trust in your child’s name will make sure your child’s medical bills are covered long after you’re gone.

4) College fund or specialized learning: Special-needs children eventually grow up and blossom into special-needs adults. And these days, there are options like never before. Your child wants to achieve his or her dreams just like everyone else, and you can help to fulfill that dream by setting enough money aside for a college fund or continued education.

At IntelliQuote, we realize as the parent of special-needs child, you have more responsibilities than most parents. A life insurance policy can help to ensure your child is cared for in the event of your passing.

Want to learn more about how your life insurance can help your child thrive? Receive a quote today.

 

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Life Insurance Protection and Family Members with Special Needs

Jan 30, 2014 7:30:00 AM

Having life insurance in place to care for those who depend on you is essential, particularly if you have a family member with special needs. There is so much to consider when planning for your loved one’s future, as well as your own. This is why it is so important to carry insurance coverage to provide for them if you are no longer able.

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