Why Life Insurance Is Important For Families With Special Needs

Although financial planning is important for every family, families with special needs family members may require more attention than the average family to maintain a stable lifestyle.  Planning for a family with a disabled child or other member with special needs requires traditional planning plus additional strategies to ensure your family member is financially secure and their needs are met.

Planning is critical to ensure your child is financially secure for their lifetime, especially after a parent is gone.  Life insurance is commonly used to provide the necessary funds to ensure these goals are met.  Care must be taken to make sure the appropriate type of policy is used.  Second-to-die policies are often used during this planning.  Care must also be taken to ensure beneficiary designations are appropriate and special needs trusts are established especially if eligibility for government benefits must be maintained.