4 Facts About Life Insurance Every Single Parent Should Know
September is life insurance awareness month. Life insurance is one of the most important insurance policies to have especially if you have any number of dependents that rely on you and your income. A life insurance policy is meant to provide financial protection for your loved ones once you are gone. If you are a single parent, life insurance is vital to ensure that your child or children are taken care of after your passing.
When deciding on the right amount of coverage to get with your life insurance policy, there are many factors to consider, including:
- At the very least, make sure to get enough life insurance to provide coverage for three years’ worth of your income. The payout of your life insurance policy can help to cover everything from childcare costs when your child or children are young, to their college education later in life. It can also help to cover the cost of your funeral to ensure that your loved ones will not be financially strained and can give you the funeral you deserve
- If the other parent is in the picture, make sure to ask about their life insurance coverage, even if they are not paying child support.
- Choose a guardian for your children in case you pass away while they are still under 18. Make sure to choose a guardian that understands the financial and legal responsibilities of being one.
- Work with a legal professional to help draft your will. Any of your verbal wishes do not have any legal standing after your passing.
For all of your Wisconsin life insurance coverage needs as a single parent and to ensure that your children will be well taken care of after you are gone, contact American Advantage – Petersen Group in New Berlin, Wisconsin. We can help you find the right amount of coverage, all at the right price to fit your budget.