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Disabled Children
Insurance
Disability insurance replaces income in the case of a disability and will therefore cover the employee rather than children of the employee. If you are concerned about the ongoing financial needs of your disabled child you should be considering taking out life insurance on your life with your child, or perhaps a trust for your child, as the beneficiary of the insurance proceeds. If your child is physically disabled but mentally sound you can name the child as the direct beneficiary of the insurance proceeds and your child can manage their affairs as they see fit. If your child is mentally disabled and not able to manage their own affairs then a trust should be established whereby the insurance proceeds will be placed in a trust and a trustee named to manage the assets on your child's behalf.
Important Information
Information contained herein is provided for information purposes only and should not be relied upon exclusively as estate, tax planning or investment advice, nor should it be construed as being specific to an individual’s investment objectives, financial situation or particular needs. You should always obtain professional advice before acting on the basis of material contained herein. While Dynamic Funds® will endeavour to update this information from time to time as needed, information can change without notice and Dynamic Funds® does not guarantee the accuracy or completeness of this information, including information provided by third parties, at any particular time, nor does it accept any responsibility for any loss or damage that results from any information contained herein.
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