Life insurance helps in establishing a secure and stable future for children with special needs, while delivering that much-needed peace of mind to parents too.
Strategic planning and management are crucial to avoid mistakes and ensuring your child’s eligibility for important and substantial government benefits.
If you are a parent of a child with special needs, you are not alone. There are many programs and organizations that help parents to apply for government benefits for children with special needs. Insurance companies understand that parents of kids with special needs have their own unique set of life insurance requirements too.
Apart from basic needs, parents of children with special needs have a lot of expenses on their shoulders. They invest not only money, but also time away from work in order to take care of their child. The ongoing medical bills as a result of their children’s condition makes the life of parents with special needs more challenging than the rest of us.
If your child has special needs, you need to think strategically. Apart from the benefits that you receive from the government, you also need to purchase a life insurance that will benefit you and your child. Term life insurance is not ideal in the case of parents with special needs as it only delivers short-term financial stability. Permanent life insurance such as whole life or universal life are more viable options as they ensure lifetime protection and guaranteed death benefits for policy owners.
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