About 62% of parents of children with special needs have failed to plan for what will happen to the children after the parents die.
Researchers at Hartford Financial Services Group Inc., Hartford, have published that finding in a summary of results from a survey of 580 parents of children with special needs.
There are about 2.6 million U.S. children with special needs, and 3% of the parents surveyed said they spend $500 or more per month to cope with their children’s disabilities, the researchers report.
About 60% of the parents expect disability-related costs to continue into adulthood, but fewer than half have a plan for covering the costs, the researchers found.
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When the researchers looked at results for parents who said they have made plans, about 65% said the plans consisted of buying life insurance.
The percentage of parents with life insurance was 85% for parents of children ages 4 and under, but just 46% for parents with children ages 13 to 18.