Broker Check
Disabled child? Aging parent? This is a must-read

Disabled child? Aging parent? This is a must-read

October 03, 2023

Ensuring lifetime care for those with disabilities

Caring for any child is expensive. But for children with intellectual or physical disabilities, the cost of lifetime care can be staggering.

Autism Speaks, a respected advocacy organization, estimates the cost to raise a child with autism or other intellectual disability at $1.4 - $2.4 million; the more severe the disability, the more expensive the lifetime care1.

In all, one in four Americans lives with a disability, according to the Centers for Disease Control2. If a disabled child or adult – or even an aging parent – relies on you for care, getting life insurance can help provide a death benefit for the lifelong support they’ll need.

In fact, you could even use a whole life insurance policy’s cash value tax efficiently, rather than taking out a second mortgage, a home equity loan, or raiding your retirement savings to pay for care3, 4, 5.

If you have a dependent with a disability, we really should meet.



³ Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.
⁴ Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.

⁵ Guardian, its subsidiaries, agents and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

Pub12160 2023-156373 Exp 6/25 *pre-approved content*