Plan for today’s expensesMedical expenses. Therapies. Home help. Caring for a child with special needs can place a great deal of strain on your finances.
• Government assistance — A variety of resources may be available to you, including educational programs, care institutions, medical facilities, and financial assistance.
• Charitable organizations — Charitable organizations may also provide counseling, medical assistance, home care assistance, and other services.
But there is help available. Guardian has a suite of products that can help when you need it most.
Plan for a secure tomorrow.Financial security for your special needs child is an essential goal. If you die or become disabled, you need to ensure your children’s needs will be looked after. A permanent life insurance policy, like whole life can offer the means for providing financial support for your child. But what to do with the funds that policy provides is a question that needs to be answered. Typically, one of three approaches is employed:
2) Disinheriting the special needs child and relying on family benevolence and government programs for all needs. This approach assumes that both government assistance and family members’ ability to look after the child will continue unabated in the future.
3) Creating a special needs trust may provide financial security for the special needs child while allowing the child to qualify for government benefits. This option eases the burden placed on family members while helping ensure continuing care for the indefinite future.