Special Needs: Life Insurance For Those Who Need Extra Help

special needs

Term Life insurance is insurance that pays out a sum of money on the death of the insured person. This financial payout can be important for those who have someone they care about depending on them financially. Often those who are targeted with the need for life insurance are spouses, parents, or those close to retirement. One specific group that we tend to overlook to have life insurance are parents who need to provide funding for their children with special needs.

What Is Term Life Insurance

Term life lasts a set period of time giving you coverage from the start to the end date. If something happens between that time period they will receive a payout. Term Life insurance is cheaper than other life policies and can be bought in segments from as short as five years to as long as 30. When the policy is at the end of its life you have the option to always renew it for more years or cut it off at the end of its span.

Special Needs Trust

The life insurance policy can also be used to fund a Special Needs Trust(SNT). An SNT is a vehicle used to provide the beneficiary of the death benefit a way to be taken care of if they are not able to themselves. It’s a formal agreement in which a trustee will take care of the planning and finances of the special needs individuals. A trustee is placed in charge of the finances and doesn’t necessarily have to be a family member if a conflict of interest is present. The trustee can be a banker, attornies, church members, neighbors depending on their relations, and even popular institutions. The trustee must be willing to take on this responsibility and understand that the trust will endure the beneficiaries entire life.

A Trust Protector

You can also name a trust protector. This is someone who can advise the trustee on different issues as well as investment strategies. Although the advisers have no legal authority the trust is asked to consult them in matters that pertain to the beneficiary.

Is Government Help Still Available?

A trust can also be in place to help the beneficiary without cutting off the availability of government benefits. Further research would need to be done in order to make sure eligibility is still available without violating rules.

You won’t always be around and chances are your loved one will be after you’re gone. Get a Life policy today to ensure their protection!


Why wait a moment longer to secure your family’s future with life insurance? Act now! Reach out to one of our life and financial experts today! Choosing the best life insurance plan isn’t always easy. There are many factors to consider and our experts can help you make the right choices.

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