18 March, 2017
What All Single Parents Should Know About Life InsuranceBy
Securing life insurance helps to protect your child.
As a single parent, you’re the cleaner, cook, taxi driver, good cop, bad cop, and both mom and dad. When the kids solely depend on you, you must have protection. In the form of life insurance, you can safeguard your child from facing serious risks if you were to die suddenly.
Just ask yourself how you and the children would cope if you were too ill to work, or worse, died unexpectedly? There are a lot of questions that arise, from financial to logistics. A sure way to protect your child in the event of either situation is to purchase life insurance. To help you determine coverage, here is what you, as a single parent, need to know.
Your life insurance policy through work may not be enough.
If you’re fortunate enough to work for a company that provides life insurance, it’s important that you don’t solely rely on that coverage. The policy provided may not be enough to cover the expenses that your children or family members caring for them may face. Additionally, employer-provided life insurance policies are no longer valid once you stop working for the company. In short, there’s no guarantee that you will be with the same company in five or ten years time, so it’s a good idea to lock in a policy and rate now.
Life insurance helps to care for your children.
You may have a plan in place for your children if you pass away suddenly. If so, that’s great! Even so, there is a huge financial undertaking when caring and raising a child. So that your friend or family member can take care of your child with all the support they need, a life insurance policy provides the funds for this as well as possibly covering the cost of college tuition. By naming chosen guardians for your children in your will and listing them as beneficiaries on your policy, you can ensure that they have the added finances to provide your child with the best possible upbringing.
Save time shopping.
It only takes a qualified agent to secure you with the right life insurance for your needs as a single parent.
For help finding the right life insurance in Connecticut, and the surrounding cities, contact the independent insurance professionals at North American Underwriters. Serving New Britain, Bristol, Farmington, Plainville, and all of Connecticut; we will work with you to ensure you have the right amount of protection for your specific situation, all at the right price.