As the life expectancy of disabled adults increases, it’s increasingly complicating one issue for their aging parents: retirement planning. Having a special-needs child adds an extra dimension to retirement planning, a complex undertaking even at its most straightforward.
I still remember my first Uber ride. It was the summer of 2012, and nobody quite knew what to expect of this service that was brand-new to Philadelphia. Friends on the West Coast had talked about it, but it seemed like the type of luxury that I might indulge in only for certain special occasions.
One lie could save you hundreds of dollars on term life insurance premiums and possibly be the difference between getting a policy or a denial. However, if you’re caught lying, your beneficiaries could be left empty-handed. Some 16% of U.S. adults in a survey say lying to a life insurer to save money is “acceptable” under certain circumstances, according to a recent NerdWallet report.
Increasing lifespans make retirement planning more of a challenge for everyone—but especially for parents of disabled children. Many disabled persons are living longer today. Those with Down syndrome, for instance, have a life expectancy of 60, compared with 25 in 1983, according to the National Down Syndrome Society.
Regardless of family income, life insurance serves a crucial role in the future economic security of a person living with special needs. Here are five key questions for parents or caregivers of special needs children who are considering purchasing life insurance for the first time.
For Cynthia Christopher and Fred Slifer, the cost of long-term care insurance, which they have had since 2002, has been worth it for the peace of mind it brought. "We feel very strongly that until we go into a continuing care retirement community we should have this insurance, should something happen, cognitively, physically," said Christopher.
There's a saying repeated in the autism community: "If you know one child with autism, you know one child with autism." That speaks more to the special support a child on the autism spectrum might require, but it also reflects the financial implications such a diagnosis has for a family.
Five years ago, before ride-sharing services like Uber and Lyft were commonplace, most people living with a disability were restricted in many ways due to transportation limitations. Today, people with special needs may find greater independence – personal and financial – thanks to ride-sharing services.
This past weekend, my son competed in tennis at the Special Olympics Championship for our region. It was a terrific event, filled with the torch lighting ceremony, the athlete’s oath and the medal ceremonies. Amidst the many high fives and joyous faces of the champions stood the many proud families and coaches who cheered and took photos.
Today, the traditional human resources software channel of provider-broker-customer is being turned on its head by tech companies intent on merging the roles of software providers and health insurance brokers. This is particularly the case when it comes to the group health insurance market for small and medium-sized businesses (SMBs), which typically have 50 to 1,000 employees.