As a single parent, you have a full plate. From carpools to homework, it can be tough to think big picture when your daily schedule is so demanding. It is important, however, to take some time every once in a while, to plan for your future, as well as your children’s. A great place to start is with your life insurance needs.
Examining Your Current Life Insurance Coverage
Every parent should consider life insurance as part of their financial planning for the future. Life insurance is a simple way of ensuring that your family is financially secure if you aren’t around to take care of them. To establish the coverage that your family needs start by asking yourself these questions:
- Do you currently carry term life insurance?
- How much coverage do you have?
- Who is your named beneficiary?
- If you have term coverage, how long will it last?
If you cannot answer these questions, it’s time to get reacquainted with your life insurance coverage - or lack of coverage. As a single parent, you face heavy financial responsibilities. Ask yourself what would happen if you were no longer around to provide for your loved ones? Would they be able to maintain their quality of life? Would your long-term goals for their future be possible? Would a family member be able to step in? Could they afford to support your children? If the answer to any of these questions is no then you need life insurance to provide financial security for your loved ones. The next step is to determine how much coverage you need to make your family’s future secure.
Calculating Your Life Insurance Coverage Needs
The first thing to understand is that life insurance quotes for parents might surprise you with how affordable they are! The second thing to note is that life insurance isn’t just for the main wage earner in the family. Whether you contribute to your family financially, as a stay-at-home parent, or a combination of the two you provide services that have a financial value.
You should consider all of the ways you provide for your loved ones when you calculate your coverage needs. For example, do you provide childcare for your children or care for the home? If you weren’t around who would provide these services and how much would it cost? If you’re the wage earner of the household could your family afford to live without that income? Would they be able to stay in the family home? Coverage for these day-to-day expenses is a vital part of financial planning.
It’s also important to consider future expenses in order to determine how much coverage you will need; there are several factors to consider. Do you plan to put your children through college? Do you want to leave money for your kid’s weddings? Some of the most common things people choose to leave life insurance money for:
- Mortgage payments
- Income replacement
- Childcare costs
- Wedding funds
- College education expenses
- Funeral costs
In order to make the process of calculating your coverage needs a bit easier, we have developed the IntelliQuote Life Insurance Calculator. Simply provide some basic information and calculate how much coverage you need.
The Cost of Life Insurance
Here at IntelliQuote, we speak to consumers daily who are surprised to learn that they may have overestimated the cost of term life insurance. Once you have a rough estimate of your life insurance needs, simply complete our online form to get life insurance quotes for parents. In a matter of minutes, we will provide a comparison of top-rated life insurance policies, including estimated monthly premiums. Have questions? Your personal advisor is on hand to provide answers and further explain your options.
Life Insurance Quotes For Parents
As a single parent, raising your children is the most difficult, yet rewarding, job you will ever have. Why not give yourself the peace of mind that your children will always be taken care of, even if you are unable to be there? If you’re ready to learn more about your options, we encourage you to request a life insurance for parents quote today.
Would you like more tips and insight on the current cost of term life insurance? Follow our blog! Here we address the topics and product developments that are shaping the life insurance industry. While there, be sure and read these recent related posts: