Compare Life Insurance Companies That Offer Life Insurance for Disabled Children (2022)

Many life insurance companies offer life insurance for disabled children, often starting at an affordable price. In addition, your child can benefit from a term life or whole life insurance policy, depending on their circumstances.

If you’re confused by the options presented with life insurance companies that offer life insurance for disabled children, you are not alone. Read on to find out what you can expect when shopping for life insurance for a disabled child, and which companies can help you.

If you need life insurance for disabled children, enter your ZIP code into our free quote tool.

Do companies offer life insurance for disabled children?

If you have a child living with disabilities, you may wonder how to deal with the costs if the worst were to happen. Luckily, there are options to ensure that you aren’t financially devastated by the cost of final expenses.

Many life insurance companies will offer policies on children, including those with disabilities. If you’re looking to purchase life insurance for mentally challenged or physically challenged children, you may still be able to go through some of the most popular insurers.

Because most disabled children have a long life expectancy, many insurers will be willing to cover them due to their young age. Of course, there are exclusions to this, including known terminal conditions. However, many children will qualify for life insurance, even with a disability.

According to Gerber’s website, children under 10 can get monthly rates starting at $5 a month for $5,000 in coverage. Gerber’s quotes for life insurance for children get up to around $50 a month for a $50,000 death benefit.

Each of these rates is slightly less than 0.1% of the death benefit. This percentage rule provides excellent coverage at an affordable rate, making it easy to figure out how much the coverage you choose will cost.

Life insurance companies that don’t offer life insurance to disabled children likely don’t offer policies that cover children at all.

What benefits does life insurance offer for parents of disabled children?

As a caregiver for a disabled child, you’ve likely got a lot on your plate. Not only are you responsible for taking care of yourself, but you have a child that needs extra care as well.

For example, life insurance for a child with Down syndrome can provide benefits like:

• Help to pay for medical bills
• Funeral and burial expenses
• Financial cushioning to provide time to grieve
• Income that the child can grow into in adulthood

Since some life insurance policies, like those at Gerber, offer the child the option to end coverage when they turn 18, your child may even have the opportunity for a cash bonus if they outlive the policy. However, this will likely be a discussion you’d need to have with your child.

What happens if the child dies?

One of the worst things in this life is when a parent outlives their child. While it can be a devastating time for parents, there are some things you should be aware of. If your child passes away and you need t ofile a life insurance claim, you can expect the following.

• You will need to get a copy of the death certificate
• Fill out the required claim forms and provide the documentation as requested
• The death benefit should be paid quickly

With the death benefit from your child’s policy, you can pay for any outstanding medical bills as well as final expenses. In addition, if you understandably need time off, the death benefit can also act as a cushion to help you through that time.

What type of life insurance policy should I get for a disabled child?

When deciding which life insurance policy to get, you will need to consider your budget, how much you need the death benefit to be, and how long you think you’ll need the coverage.

According to the Insurance Information Institute, there are two principal types of life insurance: term and whole life insurance. Each of these policy types provides different coverage and cost. The right one for you depends on your situation.

Should I get a term policy for my child?

Term life insurance is only meant to last for a short period in your life, usually a pre-determined number of years. It’s usually more affordable and easier to obtain.

That being said, you also completely lose out on your investment if you outlive the policy. Term life insurance can also be split up into subtypes, which vary between insurers. Some of these variations on term life insurance include:

• Level term – Pay a pre-determined level premium for a certain number of years, and if you die within that period, you receive a pre-determined death benefit.
• Renewable – With this insurance policy, you can renew your coverage using your best underwriting, up until a certain age, when you could be left without coverage.
• Return of premium – With this policy, you can get a portion of your premiums back that you paid into the policy when you outlive the term length.

While these are just a few term options, you’re likely to find at least some variation of these policy types at most insurers.

A term life insurance policy can be great if you’re worried about a specific time in your child’s life. If you think the need for coverage will only last a certain number of years, then you’re likely to benefit most from the affordability this policy offers.

Should I get a whole life insurance policy for my child?

Whole life insurance lasts for your entire life, meaning that you’ll be insured from the day you sign up until the day you die. However, whole life insurance is more expensive because the insurer will have to pay out some time, as long as you pay your premiums.

As with term life insurance, there are variations on permanent life. Some of these include:

• Whole – This life insurance policy guarantees a pre-determined death benefit as long as you pay a level premium that won’t change during your coverage.
• Universal – This insurance policy allows you to customize the death benefit and premiums to help you as your financial obligations change.
• Variable – This insurance policy allows the holder to invest the death benefit into stocks, bonds, and mutual funds for gains but can cause losses as well.

Whole life insurance can be an excellent tool for your child if you’re worried about issues they may face into adulthood. In addition, whoever is taking care of your child, be it you or someone else in the future, may benefit from having that extra financial cushion to pay for any final bills.

How do I apply for life insurance for my child?

Deciding to get life insurance for your child can be a hard decision, but one that’s easily achievable with the proper steps. To get the right insurance policy, you should:

• Know your child’s health history
• Research what policy you like
• Find an insurer that offers it at a reasonable price
• Apply online or by calling the insurance company

In some cases, the insurer won’t ask for any information about your child’s health history and will give you a policy after answering just a few questions.

How can I provide a life insurance benefit for my child?

On the other hand, you might want to provide a life insurance death benefit to your disabled child or their new caretaker if something happens to you. The coverage you will qualify for depends on factors like your age and your health. It’s best to apply for life insurance as young as possible to lock in lower rates.

Can you name a child as a beneficiary?

You can name anyone you like as the beneficiary, but there are a few things to keep in mind. If the child is a minor, it’s best to name a caretaker or to create a trust to hold that money for them. If your disabled child is not capable of handling finances on their own, the same guidance applies.

Life Insurance for Disabled Children: The Bottom Line

While raising disabled children can leave a lot for you to deal with, life insurance can provide financial security. That’s one less thing to worry about. With a comprehensive and thought-out life insurance policy, you can ensure that you and your child are taken care of no matter what life brings.

Do you need quotes for life insurance companies that offer life insurance for disabled children? Enter your ZIP code into our free quote tool to see what you could pay today.