If you are a single parent, life insurance will be one of the most important buying decisions you will ever make. In the event of the unexpected, life insurance proceeds will help finance the future needs of your children like their education and other bills when you die. Since you love your children so dearly, you will not want them to suffer any financially when you die. Therefore, you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your children meet many important financial needs like funeral costs, daily living expenses and college funding.
Remember that as a single parent, you are the father and the mother. You want to give the best education to your children. Yet, it is surprising that nearly 4 in 10 single parents have no life insurance whatsoever, and many with coverage say they need more than they have. With so much responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your children’s financial future.
Do not think you do not need life insurance. Most single parent Americans need life insurance. To find out if you need life insurance, you need to think through the worst-case scenario. If you died tomorrow, how would your children you have labored so much to raise fare financially?
Would they be able to pay for your final expenses (e.g., funeral costs, medical bills, taxes, debts, lawyers’ fees, etc.)? Would they be able to meet ongoing living expenses like the rent or mortgage, food, clothing, transportation costs, health care, etc? What about continuing their education? Will they have the money to pay for their college education?
The truth is that if you do not plan for the future of your children, they will suffer when you are not there to take care of the expenses. Life insurance helps make sure that your children will be provided for financially, even if you are not there to care for them yourself.