Survivorship Life Insurance and Special Needs Children

  • Mar-30-2011
  • Richard Reich

Everyone has thought about what will happen when they pass away. What will happen to our savings? What will happen to our homes? What will happen to our families? No one wants to leave their loved ones with unpaid debts and more bills than they can handle in such a devastating time.¬† That is why is here to help you plan for the future and select the perfect plan for you so you don’t have to worry about your family after you pass away.

One of the many insurance plans we offer, is Survivorship Life Insurance, which can be used in a variety of ways. Sometimes these plans are referred to as Joint Survivor Life Insurance  or Second to Die Life Insurance. The original purpose of Survivorship Life Insurance was to set up a fund that can be used to pay off estate expenses after the second insured person in the policy passes away.  For example, if a husband and wife e are both insured in the policy, after the death of the second spouse the Survivorship Life Insurance policy can be used to pay the taxes on their estate, so their children and other family members are not left with the burden. However, oftentimes parents of special needs children use this plan differently.

Parents of special needs children often purchase regular Life Insurance policies and/or a Survivorship Life Insurance policy, to ensure that their child is taken care of after they pass away. The individual life insurance policies protect the family in the case of death of one of the breadwinners. And the Survivorship Life Insurance policy, in this case, ensures the special-needs child will continue to receive the specialized care he/she needs to continue a comfortable life.. Since a lot of special needs children outlive their parents, this type of insurance is one way that the parents can look out for their child’s well-being, when they are no longer able to.

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