Special Needs Planning: Changing Life Insurance Needs

Posted by Patricia Manko on Tue, Apr 17, 2012 @ 03:49 PM

couple with child resized 600If you initially purchased all-term life insurance, you may now need to include some additional permanent life insurance coverage. Permanent life insurance protection is important for two reasons: 1) Your health may change in later years, which may prevent you from purchasing more life insurance or prevent you from renewing level term insurance after the guaranteed period is over; and 2) your child with disabilities may need a guaranteed source of money when he or she gets older and you are no longer alive.


If your health status has changed since you first purchased your term life insurance policy (or policies), and buying additional permanent insurance is prohibitive (either due to costs or insurability risk), you may be able to convert a portion of your present term life insurance policy to a permanent life insurance policy. You should check with your insurance agent and/or your life insurance company, to determine what conversion options are available to you.

Tags: Special Needs Financial Planning, Life Insurance

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