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Planning for care that lasts a lifetime

If you have a child with special needs, planning ahead is essential for both of you

As a parent, you want the best for your child. If your child has a disability, you may have special concerns that can feel overwhelming. What would happen if you passed away suddenly? Who would care for your child? What if you became disabled and couldn’t work? Will you be able to retire and still be able to support your child?

As with most things in life, taking some time to consider these questions now may alleviate some worries about the future. Life insurance is a financial tool that can help ease your mind. For parents of disabled children it can help:

  • Provide a child with day-to-day care
  • Fund a special needs trust, which can provide for a child’s future without rendering your child ineligible for government benefits*
  • Pay for a caregiver, whether your child needs long or short-term care
How much life insurance will you need?

To answer this question, you’ll need to calculate your child’s expenses carefully and consider how much income he or she will need to live if you are not there. These expenses may have to cover food, housing, medical care, prescription drugs, a full- or part time caregiver, schooling, therapy, and transportation. In addition, you’ll need to calculate how long your child may need that level of care, and how inflation will play a role in the income you’ll need to provide. Keep in mind what your entire family needs today, what it will need in the future, and whatever debt you may need to cover so that your family won’t need to delve into emergency funds.

Keep in mind that depending on what type of policy you choose, your policy may be eligible for dividends, which can help pay your premium. In addition, you may be able to borrow against the cash value of your policy, providing funds you can use while you are alive. (Note: Borrowing cash value from your policy requires the payment of loan interest and will reduce your cash value and death benefit.)

Where to begin?

Try some of our planning tools, particularly the life insurance calculator, which can help you calculate your needs. Also, learn more about the different types of policies available.

However, the best way to get information about your specific situation is to speak with a New York Life Agent. You’ll be matched with an Agent in your community who you can meet with and speak to about your family’s unique needs.

*Neither New York Life Insurance Company nor its agents provide tax or legal advice. Please consult your own tax or legal advisor to find out whether the general concepts discussed above may or may not apply to your personal circumstances.

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