Life Insurance: How to Keep Your Special Needs Child Thriving with Life Insurance

Life Insurance: How to Keep Your Special Needs Child Thriving with Life Insurance

By: Gary Lardy

Parents wish for their children to have a better life than they did and try to shape their children into independent adults who will succeed once they leave the safety of the nest.

As the parent of a special-needs child, providing for your child is a life-long endeavor because you understand you are responsible for your child throughout their entire life. And depending on your son or daughter’s condition, there is a very real chance that they’ll outlive you.

If that happens, who will care for your child? Who can you trust with the well-being of your son or daughter?

At IntelliQuote, we’ve learned that preparing for these tough questions today will help ease your mind tomorrow. We understand that raising a special-needs child can sometimes feel like a hurricane uprooting all certainty in the blink of an eye. Today’s post explores four ways that a life insurance policy can be used to help anchor you and your family amid the turbulence.

1) Who can you trust with your trust? As the parent of a special-needs child, you advocate on your child’s behalf 24-7. They need a cheerleader in their corner, someone who will make sure their needs are attended to and will never take advantage of him or her. Taking action today and setting up a trust for your child with beneficiaries that you appoint will provide financial security and protect your child from becoming victimized in the future.

2) Housing costs: You’ve been attentive to your child throughout his or her life. Who knows your child’s personality and needs better than you? Can you say with absolute certainty that he or she will continue to receive this level of attention? What about housing needs? Would your child thrive in a group home or are they more individualistic with a need for his or her own space? Who will pay the bill for the housing option that is best?

3) Pay off medical expenses: MaryAnn Raccosta has two sons, each born with a unique set of physical conditions: James was born with liver disease, and Sam was born with a recessive metabolic disorder, which severely weakened his muscles and left him wheelchair bound. She and her husband spent the bulk of their sons’ childhood trying to keep their heads above the piles of never-ending hospital bills.

Yes, you can do your best to stay on top of medical bills when you’re alive. But what happens after you’ve you passed on? Setting up a trust in your child’s name will make sure your child’s medical bills are covered long after you’re gone.

4) College fund or specialized learning: Special-needs children eventually grow up and blossom into special-needs adults. And these days, there are options like never before. Your child wants to achieve his or her dreams just like everyone else, and you can help to fulfill that dream by setting enough money aside for a college fund or continued education.

At IntelliQuote, we realize as the parent of special-needs child, you have more responsibilities than most parents. A life insurance policy can help to ensure your child is cared for in the event of your passing.

Want to learn more about how your life insurance can help your child thrive? Receive a quote today.

“Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people cant.” - Warren G. Tracy’s student.

Never were truer words spoken that summed up the essence of every entrepreneur. It is this dedication to success that fuels the fire that burn in their bellies. But the reality is that the road to success as an entrepreneur is often uphill and filled with roadblocks, and until you get your financial footing, you and your family need to make smart choices and prepare for all outcomes.

Today’s post will discuss in detail how term life insurance can benefit you and your family during the highs and lows of the rollercoaster ride of self-employment.

1) Necessary simplicity: Working for yourself is a reality that many wish for, but few can execute. Sure, not having to answer to a boss seems ideal, until you become the head honcho who has to wear multiple hats at any given time. The last thing you need is more stress in your life as you figure things out. A no-frills life insurance policy is the perfect solution to your complicated day-to-day life. You set the premium for the coverage you choose and the money will go to your appointed beneficiary after you’re gone.

We think that sound’s much simpler than planning out next year’s marketing strategy, don’t you?

2) Won’t lighten your wallet (too much): When you’re starting out as an entrepreneur, money is tight, so you must squeeze every drop of value from every dollar that leaves your pocket. At IntelliQuote, we understand your financial struggle, as well as your commitment to your family’s well-being. That’s why we’re proud to say that term life insurance policies, depending on your coverage, are both affordable and critical purchases that every entrepreneur should invest in. Oh and if you think moderately priced-insurance premiums are a pipe dream, you’re wrong. According to the 2014 Insurance Barometer Study, 80% of participants overestimate the true cost of life insurance protection.

3) Scale your coverage: Any successful entrepreneur will tell you that flexibility is one of the keys to reaching the top and staying there. You must be able to adapt your company to the ever-changing business environment. The same concept holds true for life insurance. As your business gains traction and your purse strings grow looser, you may want to upgrade your coverage or convert your term policy for a permanent policy to shield your family from any hard times you may fall on in the future. Some insurance companies allow policy holders to choose from either option, so you can scale your insurance coverage as you scale your business.

At IntelliQuote, we understand that the life of an entrepreneur, while exciting, is far from easy. And keeping your family protected during your quest for success is even harder. Term life insurance should ease your worries, not add to them.

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Life Insurance: How to Keep Your Special Needs Child Thriving with Life Insurance

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