This episode of Parenting Impossible, Annette talks about life Insurance. But before you turn away, you need to understand the importance of life insurance in the special needs planning conversation. It is an important topic and vital part of a special needs trust.

Annette's expert guest for this topic is Janice A. Forgays, an attorney with over 25 years of experience in this area of helping families. She is with the firm PRW Wealth Management and serves as Estate and Wealth Management Counsel.

Annette first reinforces that as a special needs family, you need to have a relationship with a trusted financial professional. It is vital to ensuring the future of your special needs loved one.

Janice first points out that you do need to be careful about choosing life insurance as well as the representative you are working with. Not all people in this industry understand the products fully especially when it comes to special needs planning.

Annette and Janice point out that life insurance can be a key component in funding a special needs trust but the way a trust is drafted is very important. It needs to be drafted by a professional with experience and knowledge in special needs.

Janice takes time to discuss the ways in which term insurance, whole life, variable life and universal life insurance differ in both protection as well as price and when you should purchase such products. Janice also makes an important point that each day you wait to purchase life insurance, the more it can cost you.

They wrap up by discussing what a survivorship policy is as well as the benefits that come with implementing this type of insurance policy.

Life insurance is a topic you need to understand and a discussion you need to have as a special needs family.

You can connect with Janice at her website here: https://prwwealthmanagement.com/