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FamilyHaving a child with special needs can be financially challenging, even if your child is an incredible blessing in your life. What if you were not there to provide your child with the care and support they need? Not only will they need to rely on someone else for their support and care, but they could face financial hardships as well. As a key component of financial planning, you need to ensure your special needs child has adequate insurance available to support them if you cannot be there to do so.

How Does Life Insurance Meet These Needs?

You can use a life insurance policy on yourself to help protect your loved one if you die while a dependent is still under your care. The funds from the life insurance plan can be specifically designated, through the use of a trust, to pay for the financial needs of your child. These funds can be used over the child's lifetime to ensure his or her needs are continuously met.

It's essential to be wise about limitations and restrictions on these funds, though. Under federal law, an inheritance of more than $2,000 can disqualify your child from gaining federal assistance. Many families with disabled children face this key battle. Should you leave behind funds to meet your child's needs at the risk of disqualification from key programs and services? Instead of leaving behind an inheritance for these reasons, many families elect to use a trust funded by a life insurance plan.

The life insurance plan, put into a trust, provides the child with access to funds that are controlled by the person you elect to do so throughout his or her lifetime. When prepared properly, with the help of a financial planner or an attorney, the trust is accessible to the child but the funds do not disqualify him or her from other sources of key benefits.

Those with a disabled child can definitely see the value in ensuring that their child's financial needs are met throughout their lifetime. However, you don't have to put access to specialized programs on the line. Talk to your life insurance provider to learn how this type of policy can resolve these concerns for you and your loved ones.

Protect your family’s financial future. Call CSP Insurance Services at (843) 519-2557 for more information on Florence SC life insurance.

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2420 Hoffmeyer Rd, Suite D | Florence, SC 29501
| Ph: 843-519-2557
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