As the caretaker of a special needs child, it can be hard to focus on the future. Your time is spent addressing immediate needs and concerns; however, that’s exactly why you need life insurance. Here’s how life insurance for special needs families can ensure your child a secure future.
A Whole Life Policy To Protect Against Future Need
Most people choose term life policies because at some point their children will move out and take care of themselves. If your special needs child will never live independently you need a policy that makes sure he is cared for no matter his age when you pass.
Think about your care costs including housing, basic needs and specialized medical care. Consider how much it will cost to have someone replace you as the primary caregiver. Then subtract what you receive in government support. You’ll have a policy that will ensure care for years to come but that doesn’t have you paying for more coverage than you need.
A Trust To Ensure the Funds Go Where Needed
If your child is under the age of majority consider setting up a trust to handle the insurance payout on your death. No matter the child’s age you’ll know that the funds are taken care of by someone you trust and won’t get tied up in the court system.
The appropriate life insurance guarantees the best care long after you’re gone.