life insurance for kids with downs syndrome
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Chet - posted on 07/09/2014
Why do you want life insurance for a child with Down Syndrome?
Most financial advisors will tell you that life insurance is meant to offset the financial impact of the policy holder's death.
We have a large policy for my husband. If he dies our family will lose the income he generates and so his policy is large enough to replace that income until our children are grown. The policy we have for me is lower. I'm mostly a SAHM, so my policy is enough to cover the cost of hiring someone to care for the kids and run the household while my husband works.
We were advised to only look at insurance policies for our children if we were concerned that we wouldn't be able to afford the cost of a funeral - since that is the only significant cost associated with the death of a child. Funeral costs can be significant ($5,000 to $10,000) so you might want a policy for that, but we decided it wasn't necessary in our case. It was better to put the money we'd spend on insurance into savings or investments that the child could use for other things if they didn't die.
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