Planning for Loved Ones with Special Needs
Through the eyes of a child with special needs, you can gain a unique perspective on life. You share in the joy of their daily triumphs, finding happiness in things people often take for granted. However, being the parent of a child with special needs also comes with immense responsibility. As their advisor it's your unique privilege to see that their child has a desirable quality of life and receives appropriate care - both today and every tomorrow.
Through life insurance, you can help ensure that their loved one with special needs will be provided the care and resources they intend without jeopardizing the government benefits that are so important to a recipient's well-being. If your client has a child with special needs then they need a special financial plan. Routine planning is not enough. The Producers Group will assist you in giving them the best advice.
A Special Needs Trust is an effective way to provide long-term security and quality of life for the intended person. Structured correctly it can create a source of income for the supplemental care of a loved one without affecting eligibility for government funded benefits. This two minute video provides an introduction to this type of trust:
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Having the trust purchase life insurance on one or both parents is critical for special needs planning. Life insurance can provide a source of liquidity for the family, including the child with special needs, following a death. A special needs trust without adequate funding will not properly care for the loved one. It's vital to consider the role of permanent insurance that will be guaranteed available at the time of death.
One of the best ways for a grandparent to contribute to the future, but not the immediate needs of the child, would be to purchase a life insurance policy on themselves and make the SNT the beneficiary.
Here is a consumer piece to further validate the importance of a Special Needs Trust.
This is a lengthy and helpful summary of the planning needs, obstacles, and importance of a Special Needs Trust.
The Special Needs Producer Guide and this article from www.Financial-Planning.com will give you more knowledge and talking points for planning for loved ones with special needs.
This Sales Strategy Brochure details for your clients the two types of Special Needs Trusts that are generally available, First Party SNT and Second Party SNT, And how they can be funded by a variety of different assets including life insurance.Special needs sales strategy
Here is a Fact Finder for your clients. This helpful tool includes a chart that displays Special Needs expenses verses your clients’ sources of income, allowing you to better assist them in this important financial planning process.Special needs fact finder
Everyone’s family dynamic is different. This Special Needs Snap Shot will show you how to help your clients prepare their Special Needs Trust based on their own unique family situation.Special needs snapshot
Would you like us to customize this marketing piece to enhance your selling efforts?Special Needs Child V2