Why should Single Parents own a Life Insurance Policy?

It is a challenging and joyful task to raise a child being a single parent. You have to work hard as well as satisfy the needs of your kid. It is difficult to educate and pay attention to them but still you need to do. The little face will depend on you entirely. You should not disappoint them in any way. If you sign up for a life insurance policy, it will help them for their education or other expenses when you are not alive. The insurance company will conduct an exam before providing the policy.

Pew Research Center took a survey in the year 2013. It found that more than thirty-four percent of American children are dependent on the single parent, and they live with a single parent. If their parent dies, it is hard for the child to come out and take care of themselves. How the children of single parent would manage if their parents die in an unexpected manner?
The life insurance is the only solution to handle such situation. One of the research shows that single parents do not show much interest in life insurance. Moreover, the statistics show some important results.

The unmarried fathers do not have life insurance, and they do not prefer to have life insurance because of their marital status. About fifty-three percentage of unmarried mothers do not have life insurance against forty-three percentage of married mothers. About sixty percentage of unmarried fathers will fewer household incomes do not have life insurance whereas the remaining twenty seventy percentage possess a life insurance policy.

If you have dependents with you, it is important to purchase a life insurance policy. It is clear that life insurance is highly important for single parents. The married couples may think that if one passes away, another will care for their child. But the case is completely different for single parents.

The single parents should think the following factors when it comes to life insurance preparation.

Get sufficient life insurance to compensate your children’s education, final expenses that include burial, funeral and debt, child care (especially if your child is young) and lost income.

Select a responsible person as guardian to take care of your child after your absence.

If the child is minor, then they cannot get death life insurance privileges. It is best to name as trust as beneficiary where they will see that your funds are distributed and given as per your wishes.

Read More: Why should you not wait to Purchase Life Insurance?

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