life insurance

[Guest guest]

Hi:

There are three types of life insurance, term, whole life and universal. Term is like car insurance, if you die while covered it pays, anywhere from 1-30 yrs. If you die 30 yrs & 1 day after your family does not get paid. It starts out cheap, and is great for a young family that needs a lot of coverage for as little as possible. It gets expensive to keep for a long time. Whole life goes on until you do, it builds up a cash value that can be borrowed on tax free. People use these for retirement, college, and estate funding. Universal is term insurance with a cash value added. It is cheaper than whole life because the guaranty on the cash value is lower. When a special needs child is involved the money will be needed throughout the child's lifetime. If there are two parents a Second to die life policy would be the least expensive whole life that would pay out when the 2ND parent

dies (the assumption is the child will be cared for still with only one parent). Any monies set aside for a SN child should be in a SN trust so the child is not disqualified for government services. You would need to name a guardian and or trustee, and use a lawyer that specializes in this. You don't want mistakes after you are gone.

If you need help or have additional questions feel free to contact me by phone or off list.Jayne Borenstein, LUTCFLicensed AgentLife, Health, LTCAnnuitiesMedicare Products

[Guest guest]

My husband works at Mass Mutual SE branch in Ft. Lauderdale. but as IT (computer tech). There is a special group called Eppy Financial that is ran through this branch that does all special needs planning. I can't say enough good things about them. They are always at Autism events and donate to a lot of our causes. Joe Eppy is who you need to speak to.