As a single parent, you’ve dedicated your life to taking care of your children, but what if something happens to you? Would your children have the financial resources to achieve their dreams in the future? Will their other parent or guardian have the means to care for your children after you’re gone? Life insurance provides priceless peace of mind for single parents, allowing you to keep caring for those who matter most even if you’re no longer around.

Why Life Insurance is Critical for Single Parents

Helping Your Children Build a Life

The dead benefits of your life insurance policy can provide the resources your children may need to establish themselves, even if they’re still young. For instance, you may choose to leave behind enough to cover college tuition or buy a house someday. Other single parents choose to name the children’s guardian as a beneficiary of their life insurance policy to ensure their children receive the care they need.

Choosing a Policy

Life insurance policies can generally be divided into two categories: term and whole life coverage. Term policies, which pay benefits if you pass away within a specified period, are usually the most affordable. Many single parents choose term life policies which will pay benefits if they pass away before their children graduate college, after which you can renew the policy or let it lapse.

Whole life options, on the other hand, provide coverage for the rest of your life, and feature an investment component that builds value over time. While they’re typically more expensive than term policies, whole life insurance is a popular choice for single parents who choose to use it as a retirement savings vehicle.

For more than a century, parents throughout the Ashland, KY area have relied on Charles Adams Insurance Agency to help protect those they love the most. Their agents work with a wide range of some of the industry’s top carriers, and will take the time to find policies suited to your needs. Visit their website for more on their life insurance options, follow their Facebook for more tips and advice, or call (606) 325-9709 to request a free quote.