Life Insurance for Single Parents

October 27, 2017

According to the most recent statistics from the U.S. Census Bureau, there are approximately 13.4 million single parents in the U.S. who take care of one or more children alone while the other parent lives elsewhere. What’s more: Many of these parents are around the age of 40, which means they’re becoming more vulnerable to risks such as heart disease, cancer, and other illness. Yet according to recent reports, almost 70 percent of single parents whose children live with them don’t have life insurance policies!

How much coverage do you need?

If you’re a single parent and you don’t have life insurance, it’s beyond scary to think of leaving your children with little to no financial resources in the event something were to happen to you. How would they find the money to survive—let alone pay for good schools and other things that can give them an advantage in life? Even if a family member would serve as their guardian, would that person be able to afford the kind of care you want your children to have? That’s why, if you don’t want to worry about the future of your children, it’s advisable to purchase life insurance as soon as possible.

In order to determine the right amount of coverage, ask yourself the following questions:

• How old are your children now? How much money would they need until they reach an age when they can provide for themselves? In addition to the costs of food, housing, and clothes, consider education, healthcare, travel, and special expenses.
• Would a guardian such as a grandparent, aunt, or uncle need financial support to raise your children? If so, how much?
• Do you currently have any debts that need to be paid off? Think of credit card debt, car loans, mortgage, personal loans, or other types of debt.

The benefits of working with an independent life insurance agent

When you have a general idea of how much coverage you need, contact an independent life insurance agent like Liberty Financial Group to help you determine the right policy for you. An independent agent will not only help you find a policy that meets your coverage needs and fits your budget, but also assist you in determining the right type of policy for you. Not all policies are the same, and especially if you want to be able to put your money to work for you, having the advice of an independent agent can be invaluable.

In addition, a agent will assist you throughout the application process. This is especially useful if you have questions or concerns about physical exams, pre-existing conditions, or beneficiaries and guardians. Moreover, if you run into any problems along the way, your agent will help you address those issues as quickly and smoothly as possible.

Protect those you love

By investing the time and effort to get life insurance now, you could be doing two of the most important things any parent could do for his or her children: protecting them while at the same time setting an example they’ll be proud to follow. So don’t wait: Contact Liberty Financial Group today for more information about life insurance for single parents.

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Let us provide you with that direction because we know to be prepared is half the victory.

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