If you have a child with disabilities, there are many considerations when it comes to providing care. Parents often purchase life insurance policies for themselves to ensure financial support for a disabled child after their passing. However, obtaining a life insurance policy for the child can be a more complex task. Integrity Advisors Agency LLC, serving San Antonio, TX, can help you find a suitable policy.
Benefits for Family Caregivers
What happens if you outlive your child? Family caregivers often sacrifice professional development and income to provide daily care for a child with disabilities. A life insurance policy can help replace lost wages and investments in the event of the child’s passing. Additionally, the proceeds can be used to cover funeral expenses, and in most cases, these funds are exempt from income tax.
Considerations When Purchasing a Policy
It’s important to work with a reputable advisor who prioritizes your needs. While some agents may claim that insuring a disabled child is impossible, this is not true. Although finding a company that insures individuals with disabilities can be challenging, it is achievable. Options include graded life benefits, requesting a rating, or basing the policy on your child’s functional level. Presenting this information in the most favorable light on your application can improve your chances of approval. Be sure to complete the application accurately, but you only need to provide additional information if requested.
If your child is on Medicaid or receiving other government benefits, they should not be listed as the policy owner. Selecting an appropriate policy owner and determining the level of death benefits are critical steps in the process.
Get Started on Coverage
With time and effort, you can secure an excellent life insurance policy for your disabled child. Contact Integrity Advisors Agency LLC, serving San Antonio, TX, to begin exploring your options for coverage.
