Insurance

Diane Mack special needs life insurance

I need to get on my disability soapbox. I’ve been trying to calm down, since November.

In order to write this column, I had to do a little research first. The more I learned, the sicker I got. By December, I thought I was going to blow a gasket. But I made it to today, and I believe I am composed enough to tell the story.

Years ago, when I was searching for life insurance for my special-needs daughter Kelsey, I learned that Kelsey could only apply for term life insurance.

For those who don’t know, there are two types of life insurance. Term life insurance lasts for a set period, and whole life insurance lasts as long as you keep paying premiums. In addition, the whole policy has a cash value.

Those are the magic words, cash value.

Because of Kelsey’s eligibility for disability and public assistance of any kind, Kelsey cannot have a lot of income or financial resources. There are special needs trusts that can help with this. However, today, I am not going to address those trusts.

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