Many parents worry that when they die their estates will be too small to provide much care for their disabled child. One solution is to purchase “second-to-die life insurance.” These policies are relatively inexpensive, and the company pays the death benefit only after both of the people insured have died.
Usually purchased by spouses, these policies can in fact be purchased by any two people. This could be beneficial if, for example, a single mother and single daughter both live with and care for a disabled child / grandchild.
You should work with your financial advisor to select the best insurance for you. Remember that when selling insurance, advisors are paid on commission. When the advisor is presenting you with quotes from various companies, make sure he also shows you how much commission he would make under each quote.