Special insurance considerations come with having a special needs child
Protecting the financial future of children is something concerns all parents. But in the case of a parent with a special needs child, planning for a future when you may no longer be around can extend into your child’s adulthood.
In this case, the typical term life insurance policy – with a cover equal to 8-10 times annual income plus debt obligations – won’t be sufficient. On average, children are dependent on parents financially for up to 25 years. But special children may be financially dependent for many years beyond that – with the very real likelihood that their parents will not be around when they are still dependent.
The amount and term (years) of the life coverage a parent in this situation should have requires that this longer view be taken into consideration. Of course, how much more coverage you need and for how much longer depends on your individual financial circumstances and on how independent your child is likely to be.
Fortunately, today, many special children can live quite independently, some even financially so. As a parent, you work hard to give your special someone as much freedom as possible. With the right life insurance, you can help to continue it long after you are gone.
For help on the details, use our needs calculator and quote engine, and then contact one of our insurance experts consult a Quality Term Life insurance expert who will help you find the most affordable policy.
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