Life insurance can help you provide some future financial support for a child with special needs. Permanent life insurance, which can be in place for the insureds lifetime 1, is a product parents may want to consider. A special needs trust 2 can help protect your childs eligibility for other assistance and provide instructions for future.
Parents with a special needs child often insure themselves to provide for their child when they have died. A more complicated issue is whether the parents should consider purchasing life insurance on the life of their child to address the possibility that they will outlive their child.
A special needs trust, also called a supplemental needs trust, is a type of trust specifically designed for life insurance and estate beneficiaries who are unable to handle their own finances and care. Special needs trusts allow you to leave specific instructions for how the funds should be used.
В for parents of children with special needs, buying life insurance requires the same careful planning as other financial considerations. Thats because under federal law, any inheritance of more than 2,000 can disqualify an individual from federal assistance.
Disability is wide ranging and thats why we have put together a choice of cover options to meet the individual needs of disabled travellers.
If you have a special health care need like if youre terminally ill, need help with daily activities, get regular care at home or in another community setting, live in a long-term care facility or group home, or have a condition that limits your ability to work or if you have a disability, you have a number of options for health coverage.
Caring for a special needs patient takes compassion and understanding. While most dentists can accommodate for special needs patients, some dentists focus on meeting the needs and working with the limitations of these patients. If you, your child or someone you know has special needs, talk with your dentist to discuss your options.
Life insurance considerations for parents of special needs children. Parents of special needs children have a lot more on their plate than the average parent, and unfortunately, the same is true when it comes to life insurance planning.
The best solution for providing financial support and preserving government benefits for someone with special needs is by creating a special needs trust. The most popular and recommended way to fund your trust is with an affordable, permanent life insurance policy.
В financial planning for any family is complicated, but the challenges rise to a new level when a child has special needs. Parents are not only planning for their familys needs and retirement, but for well beyond their lifetimes, said linda hunter suzman, a special care planner with massmutual financial group in seattle.