Being a single parent can have its challenges. Knowing you are solely responsible for your children when they are with you can seem overwhelming. You are invested in their lives, want to experience all of their milestones, and care about their future. If their future rests solely on your shoulders, who would they depend on if something unexpected happened to you?
It is hard to believe that 70% of all single parents with children at home do not carry life insurance. Are single parents too busy? Are they afraid to face the idea that they may not be around for their children or do they think life insurance will be too expensive? Perhaps they believe the child support they receive will be enough for their children if they unexpectedly pass away.
The reason why they do not have life insurance is far less important to discuss than why they should carry life insurance.
As a single parent, it is best to purchase a life insurance policy as soon as possible. The younger and healthier you are, the lower the rates will be. Life insurance is available and affordable for every income bracket and can provide financial peace of mind. Term life insurance guarantees a lower premium rate and provides basic life insurance for a specific amount of time.
Term life insurance typically protects 10, 15, or 20 years and if you die while the policy is in effect, your plan will pay your beneficiaries. Just $30 a month (the cost of two movie tickets), could potentially get you $250,000 – $500,000 worth of coverage.
A life insurance policy provides financial security. If you designated a guardian to care for your children in the event you pass away unexpectedly; a life insurance policy will assist the guardian with providing for your child.
Additionally, you can relax knowing your children will be able to afford their college education, a wedding, and even their first home whether you are there to see those things happen or not. A few extra dollars a month in exchange for your children to feel financially secure makes the decision to have life insurance an easier one to make.
We know being a single parent is hard. The agents at The Gordon Agency are experts in all things insurance related and provide personalized attention along with our expertise. We can educate you on the benefits of having a life insurance policy and protecting your most important assets. We help in finding you a life insurance policy with the best coverage that fits your budget.