What Single Parents Need to Know About Life Insurance

Single Parents Need to Know About Life Insurance

Life insurance gives a lending hand to single parent families when they need it the most.

For most single parents, raising their children alone is both a joy and a challenge. You know you’re strong enough to take care of them and raise them, but at times it can prove difficult. Life insurance is a must-have for many people, but it’s especially important if you’re raising children of your own on your own. Shockingly, nearly 70 percent of single parents don’t have life insurance. As a valuable coverage to protect your family when you’re no longer around to do so, it’s worth having.

Your Child’s Safety Net

Although no one expects to pass away during the prime of their life, accidents do happen. What would happen to your children if you were to unexpectedly die? While it’s important for anyone with dependents to have life insurance, you could argue that single parents need it the most. When married couples purchase life insurance, they often plan with the possibility that one spouse will remain to care the children. Single parents need to think beyond this.

First, determine the funds and aid that your child will need in your sudden passing. By naming chosen guardians for your children in your will and listing them as beneficiaries on your policy, you can ensure that he or she has the finances necessary to provide your children with the best possible upbringing.

What to Consider

In regards to life insurance planning, single parents should consider the following:

  • Get enough life insurance to cover your lost income, child care (if your children are young), your child’s education, and your final expenses (debt, funeral, burial, etc.)
  • Select a responsible guardian who will be in charge of the care for your children.
  • Name a trust as your policy beneficiary. Minor children cannot receive life insurance death benefits, but the trust will ensure the proceeds are distributed and used according to your wishes.

Single parents are typically extremely busy and rely on one income, so researching, comparing, and buying life insurance can seem unobtainable. With the professionals at American Premier Insurance, you’re in good hands. We work to find coverage suitable for your family, needs, and budget so that you don’t have to. We’re able to walk you through the process and explain everything along the way. Visit us today in Phoenix, Arizona to get started.