As a single parent, you know that you're the one person who's always there for your child. You provide them your with care and attention each day to nurture and protect them. That's why it is crucial to make sure you have a comprehensive plan in place to protect your child (or children) if something should happen to you.
What would happen if you were to die suddenly? What would happen to your children and other family members? Do you know who would become guardian of your children? Is it in writing? Though this may be an unpleasant thing to consider, you are the only person who knows what your wishes are. How would a guardian know what to do for your child? How much money would they need between now and his/her college graduation? It is up to you to ensure that these questions have been answered if the unexpected happens.
In order to give your children the best possible chance of success in the event of your untimely absence, you need to be well organized. You know your children better than anyone so their needs are best known by you alone. This checklist can help you to get on the right track. Anything that someone would need to know if they tried to become good a parent to your child today should be considered. It is a good idea to assemble a set of documents and materials to keep with your will.
All of the steps you've just taken are preparations to provide immediate, fundamental information to care for your children in the event of an emergency. This can help to ease a potentially traumatizing transition if something should happen to you. However, long term care for your children can require a different type of planning.
If something should happen to you, how would your children's chosen guardian finance their future? As a single parent, Term Life Insurance can offer a solution to help to pay for your final expenses, any outstanding debts you may leave behind, and your children's future financial needs.
Term life insurance provides coverage for a specific length of time of your choosing. The good news is that with a variety of different term lengths and coverage amounts to choose from, our agents can work with you to create an affordable financial protection plan that will help to account for your children's needs into the foreseeable future.
The amount of coverage you choose is up to you, though some experts suggest about 7-10 times your salary. It is advisable to consider what phases of your children's life you'd like to ensure you've covered before purchasing a policy.
The most important thing is that you have taken active steps to plan for all of the possible realities that could face your child in the event that the unexpected does happen.