I've heard that all life insurers don't cover infants. Is this true? How about covering a Special-needs child?
Total Comments: 10
Posted: Mon May 31, 2010 07:07 pm Post Subject:
Why would a special needs child need life insurance? It is the parent's of the child who need the coverage. Many insurers will cover infants. Whether a special needs child can get coverage at a decent rate will be dependent upon whether they have something that plays into mortality.
Posted: Tue Jun 01, 2010 01:27 am Post Subject:
It's not true, they will cover infants. They won't give better rates than their standard rates.
Special needs will depend on their health. The parents are not only in need of life insurance, but in need of serious financial planning surrounding management of finances with the special needs child. Lots of important things to consider and be sure don't get messed up.
Posted: Tue Jun 01, 2010 06:51 am Post Subject:
Parents with a special-needs child should go for a special needs trust. This would certainly help support the expenses and supplemental requirements of your child. At the same time, your child would also be eligible for govt. benefits.
Posted: Wed Jun 02, 2010 04:39 am Post Subject:
The parents are not only in need of life insurance, but in need of serious financial planning surrounding management of finances with the special needs child. Lots of important things to consider and be sure don't get messed up.
Very good advice. There are "special needs" children who are now adults whose doctors once said they wouldn't live a few months or years. Those children probably need life insurance, too.
Insurers will typically insure children once they are 15 days of age, either with individual policies or by rider on a parent's policy. A previously issued adult's policy that already covers one or more living children by rider will automatically cover a newborn child beginning on the 15th day after birth, at no additional cost.
Obtaining life insurance is rarely inappropriate -- for adults or children. Unfortunately, some agents recommend inappropriate amounts (too much or too little protection) because they have not stopped to consider the ultimate needs of either. A good agent will conduct a thorough analysis of family and individual needs and be able to make appropriate recommendations.
If you are the parent of a special needs child, God has blessed you with the privilege of caring for His beloved creation.
Posted: Wed Jun 02, 2010 11:12 am Post Subject:
Yes, you may opt for the third party settled trust. It lets an individual qualify for the govt. benefits. On the other hand, this trust ensures a quality life for the individual.
Posted: Fri Jun 04, 2010 09:00 am Post Subject:
When we talk of the Third-party settled trust, we should also consider the general support trust. With this trust, the child will no longer be able to qualify for govt. assistance, but he'd be paid for support in general.
Posted: Sat Jun 05, 2010 05:36 am Post Subject:
One of the most common mistakes that we commit is to name our child as our life insurance beneficiary. It applies for retirement plans or annuities. Our child may get disqualified from receiving govt. benefits.
Posted: Sat Jun 05, 2010 07:33 am Post Subject:
Special needs planning has become an easier task for the life insurers today. They have separate divisions to help clients with special-needs children. You'd just need to inquire about such divisions.
Posted: Sat Jun 05, 2010 05:31 pm Post Subject:
One of the most common mistakes that we commit is to name our child as our life insurance beneficiary. It applies for retirement plans or annuities. Our child may get disqualified from receiving govt. benefits.
WHAT!?! Do you think the government has any interest in caring for the children of a deceased person? This is about the most irresponsible advice I have seen recently.
Minor children should probably not be the beneficiaries of annuities, given the fact that a lifetime payment to a young child is going to result in a ridiculously low amount of money per month. But not naming minor children as beneficiaries of life insurance so they can qualify for government benefits? Utterly stupid.
This is the fallacy of the socialism that has taken root in America since the fall of communism/the Soviet Union . . . that we should rely on the government to solve all of our personal responsibilities.
In yesterday's employment report that showed some 431,000 new jobs in May, it was revealed that only 41,000 of those jobs was in the private sector -- the rest were mostly temporary jobs with the US Census Bureau, so where does the money from come for that?
That's not real employment, and the real numbers indicate that on average only 800 new jobs were generated in each of the 50 states and the DC.
I would not want my children/grandchildren to be dependent on the government for anything. If there's any mistake made when naming minor children as beneficiaries, it's the failure to create a will or trust that specifies how the money will be held/distributed for the benefit of the children prior to their majority, which leaves the matter up to the discretion of the judge (by extension, the government). Not the best plan.
Posted: Mon May 31, 2010 07:07 pm Post Subject:
Why would a special needs child need life insurance? It is the parent's of the child who need the coverage. Many insurers will cover infants. Whether a special needs child can get coverage at a decent rate will be dependent upon whether they have something that plays into mortality.
Posted: Tue Jun 01, 2010 01:27 am Post Subject:
It's not true, they will cover infants. They won't give better rates than their standard rates.
Special needs will depend on their health. The parents are not only in need of life insurance, but in need of serious financial planning surrounding management of finances with the special needs child. Lots of important things to consider and be sure don't get messed up.
Posted: Tue Jun 01, 2010 06:51 am Post Subject:
Parents with a special-needs child should go for a special needs trust. This would certainly help support the expenses and supplemental requirements of your child. At the same time, your child would also be eligible for govt. benefits.
Posted: Wed Jun 02, 2010 04:39 am Post Subject:
The parents are not only in need of life insurance, but in need of serious financial planning surrounding management of finances with the special needs child. Lots of important things to consider and be sure don't get messed up.
Very good advice. There are "special needs" children who are now adults whose doctors once said they wouldn't live a few months or years. Those children probably need life insurance, too.
Insurers will typically insure children once they are 15 days of age, either with individual policies or by rider on a parent's policy. A previously issued adult's policy that already covers one or more living children by rider will automatically cover a newborn child beginning on the 15th day after birth, at no additional cost.
Obtaining life insurance is rarely inappropriate -- for adults or children. Unfortunately, some agents recommend inappropriate amounts (too much or too little protection) because they have not stopped to consider the ultimate needs of either. A good agent will conduct a thorough analysis of family and individual needs and be able to make appropriate recommendations.
If you are the parent of a special needs child, God has blessed you with the privilege of caring for His beloved creation.
Posted: Wed Jun 02, 2010 11:12 am Post Subject:
Yes, you may opt for the third party settled trust. It lets an individual qualify for the govt. benefits. On the other hand, this trust ensures a quality life for the individual.
Posted: Fri Jun 04, 2010 09:00 am Post Subject:
When we talk of the Third-party settled trust, we should also consider the general support trust. With this trust, the child will no longer be able to qualify for govt. assistance, but he'd be paid for support in general.
Posted: Sat Jun 05, 2010 05:36 am Post Subject:
One of the most common mistakes that we commit is to name our child as our life insurance beneficiary. It applies for retirement plans or annuities. Our child may get disqualified from receiving govt. benefits.
Posted: Sat Jun 05, 2010 07:33 am Post Subject:
Special needs planning has become an easier task for the life insurers today. They have separate divisions to help clients with special-needs children. You'd just need to inquire about such divisions.
Posted: Sat Jun 05, 2010 05:31 pm Post Subject:
One of the most common mistakes that we commit is to name our child as our life insurance beneficiary. It applies for retirement plans or annuities. Our child may get disqualified from receiving govt. benefits.
WHAT!?! Do you think the government has any interest in caring for the children of a deceased person? This is about the most irresponsible advice I have seen recently.
Minor children should probably not be the beneficiaries of annuities, given the fact that a lifetime payment to a young child is going to result in a ridiculously low amount of money per month. But not naming minor children as beneficiaries of life insurance so they can qualify for government benefits? Utterly stupid.
This is the fallacy of the socialism that has taken root in America since the fall of communism/the Soviet Union . . . that we should rely on the government to solve all of our personal responsibilities.
In yesterday's employment report that showed some 431,000 new jobs in May, it was revealed that only 41,000 of those jobs was in the private sector -- the rest were mostly temporary jobs with the US Census Bureau, so where does the money from come for that?
That's not real employment, and the real numbers indicate that on average only 800 new jobs were generated in each of the 50 states and the DC.
I would not want my children/grandchildren to be dependent on the government for anything. If there's any mistake made when naming minor children as beneficiaries, it's the failure to create a will or trust that specifies how the money will be held/distributed for the benefit of the children prior to their majority, which leaves the matter up to the discretion of the judge (by extension, the government). Not the best plan.
Posted: Tue Jun 22, 2010 05:43 pm Post Subject:
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