Life insurance has long been associated with nuclear families, which is why many single parents look it over. It may seem too expensive or even unnecessary. It honestly plays an important role in your child’s well-being and is worth considering, however. Should the worst happen, you want to know your child is covered, so consider the following.

Life Insurance for Single Parents

Why Is It Necessary?

Life insurance plans are designed to financially cover your loved ones should you pass unexpectedly. Even if your former spouse is active in raising your child or you’re a stay-at-home parent with no income, you still need life insurance. This way, the payout will go directly to the child or the designated beneficiary who will care for them.

Which Types Are Available?

There are two types of life insurance: term life, and whole life. Term life insurance covers you only for the years where you think your child will need it, such as the decades leading up to their 18th birthday or when they’ll enter the workforce and have a steady income. Whole life insurance covers them for life. It’s more expensive, though it provides greater peace of mind.

What Are Some Considerations?

First, consider your child’s needs on a day-to-day and long-term basis. Year over year, they’ll need health insurance and money for general medical expenses. They’ll need school covered and college tuition down the road. You should ensure they’ll have money to cover living expenses.

Consider also the cost of your passing. You don’t want them to inherit any debt or be stuck covering end-of-life expenses. When you add all of this up, you can then gauge how large the life insurance policy should be. You also need to think carefully about the beneficiary. If you’re on good terms with your ex-spouse, they may be best. You can also consider family friends, grandparents, or your siblings.

It’s best to work with professionals when purchasing life insurance, and the team at Kramer-Myers & Werring-Dickerson Insurance can help. This Batavia, OH, agency has provided coverage since 1960, assisting with life insurance, home and farm insurance, auto insurance, and more. They’re committed to building lasting relationships with their clients and are dedicated to your well-being. Call (513) 732-1461 to schedule a consultation. You can explore all their insurance services on their website.