Tuesday, February 11, 2020

Well isn't *that* special?

Special needs, that is.

Got an interesting email the other day from MassMutual about a topic that we've only tangentially touched upon previously (and, perhaps ironically also involved MassMutual):

"MassMutual and Easter Seals are once again teaming up to increase awareness of the important decisions and financial challenges facing families with special needs members."

In that instance, it was a wonderful fund-raising effort that resulted in a lot of money going to help out Special Needs Families.

The latest message was a bit more personal:

"Henry, have your clients thought about what would happen if they, or other caregivers, were no longer around to make sure that their family member with special needs was able to maintain their quality of life?"

A most cromulent question. I do, in fact, have a client in that situation (well, her husband is, long story). And I'm aware of other folks in my circle of friends and acquaintances that have or are caring for a special needs dependent. And although the "normal" worry is "how are we going to make it through this day," there's at least a sense of the dilemma that will come about if (and for a parent, more likely a when) the caregiver predeceases his or her charge.

I've long know about this risk, just never had the opportunity (or need) to do anything about it. But as we live longer, and as medical science continues to evolve such that these folks live longer, I fear  that this is a burgeoning problem (and/or market, one supposes).

And that's where MassMutual's latest email come in:

"Higher survival rates, greater life expectancies, and more extensive [ed: and expensive] therapies can mean more costs for a longer period of time."


So what to do about that?

Well, MassMutual (and to be fair, there may well be other carriers doing this, as well) offers a Survivorship Whole Life Legacy policy that seems custom-built for this niche:

"The proceeds from a Survivor Legacy life insurance policy owned inside of a special needs trust can help provide for the continued needs of a person with special needs after their caregiver is gone."


They sent along a handy Agent's Guide, but one supposes they have one for 'normal' folks, too.

Kudos, MassMutual!

[Hat Tip: FoIB Mara F]
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