There are many reasons to buy a life insurance plan. If you have a disabled child, you may wish to consider the value of this coverage.
Many people buy life insurance to cover the period of time they will have dependents. Dependents include children or others who depend on the income, housing and other resources of another person. Children depend on their parents. This makes it important to have financial support should a parent die. For disabled children, that support usually needs to be long-term.
Why Life Insurance Works 
Children with disabilities often need ongoing care. They may be unable to live on their own. They may need medical care. Even if they have state-funded medical care and housing support, most families continue to provide for the individual as well. What happens if something happens to you? Who will care for your child? Life insurance often helps to fill this gap.
If you should die while a life insurance policy is in place, the proceeds from the policy can go to pay any need. This includes meeting the needs of your family and children. The funds can also move into a trust. The trust allows for a third party to manage the funds for the goals you have. For example, you may list your sister as the person managing a trust for a disabled child. The funds remain accessible and controlled use of them is possible.
Monitor State Laws
In this situation, parents will need to monitor state laws. In some cases, the value of the trust may offset accessible funds from the government to pay for care. You can work with your family estate planning attorney to avoid this concern. The goal should be to keep funds separate to ensure your child has ample care for his or her entire life.
Work closely with your life insurance agent. Discuss the risks present. Discuss the coverage that seems necessary to provide long-term to your disabled child. Of course, you want to be there to support your child. You want to be the one to meet his or her needs. Nevertheless, accidents can happen, leaving families in financial crisis. With life insurance policies, you do not have to worry about this occurring. You gain some peace of mind knowing your loved one has ample care.
For more information on life insurance, contact one of our agents today. We can help you determine what coverage is right for you.