Caregivers and life insurance: What you need to know
According to AARP, more than one in five Americans (21.3%) are caregivers, having provided care to an adult or child with special needs at some time in the past 12 months.* As a caregiver, you want to make sure your loved one will be taken care of in the event of your death. That’s where life insurance can help. While coverage amounts can vary, a life insurance benefit can help to cover the cost of a personal care assistant to take over your responsibilities, funeral expenses, future schooling, therapy sessions or other items he or she might need.
It’s also very important to choose your life insurance beneficiary (or beneficiaries) wisely. Before you name someone with special needs as a beneficiary, keep this in mind—doing so might unintentionally disqualify them from any government benefits he or she may currently receive, such as Medicaid and Supplemental Security Income (SSI). Talk with a specially trained financial professional or legal advisor to create a special needs trust that can help properly protect your beneficiary over the long term. The funds in the trust can be used for your loved one’s expenses not covered by government benefits.
Your next steps start right here
Creating a plan starts with meeting a specially trained financial advisor to learn the next best steps you should take. You can also start by visiting the Voya Cares website at voya.com/voyacares to learn more.