You’ve spent years scrimping and saving, attending parent-teacher conferences, helping them with homework and chauffeuring them to and from school all for this one pivotal day:
Your child’s first day of college.
But what if that dream never came to be?
As a single parent, we understand that you’ve had to work twice as hard to provide for your children, but if you’re uninsured, all of the hopes that you have for your children can quickly vanish into thin air.
Today’s post discusses how life insurance can keep your children’s future on track, even if you are no longer here.
1) College education: These days, your children need a college degree just to compete in the job market, and a degree also means more income. In 2012, young adults ages 25-34 with a bachelor’s degree earned 57% more (median income) than those with a high school degree. But if your children are unable to pay for college they may have a much harder time securing a higher salary.
Having a life insurance policy with your children named as beneficiaries means they have a greater chance to increase their financial success should the unexpected happen to you. The benefits from your policy could be used to help cover tuition payments that in turn will help them earn a degree and possibly secure that higher salary.
2) Eliminate the burden of responsibility: Most 21-year-old college students spend their weekends participating in pub crawls or dancing the night away. Sabrina Green would love to hang out with her friends, but she has to balance a 40-45 hour work week to keep the lights on for herself and her younger siblings, all while attending college part-time. Sabrina’s mom and grandmother died when she was a kid. Both women died uninsured, leaving Sabrina to shoulder the responsibility on her own.
Purchasing term life insurance could ensure that your children won’t have to live through a hardship similar to Sabrina should the unexpected happen to you.
3) Help your child’s guardian: A life insurance policy won’t just benefit your kids, but if you appoint a guardian to take care of them, in the event of your unforeseen death, you can also name that person as a beneficiary. You can take comfort in knowing that there will be enough money to handle your day-to-day bills and your children’s expenses.
4) Cover your final costs: Speaking of bills, we understand that no one wants to think about dying, but the reality is when you pass away, you’ll leave bills behind for your family to endure on their own. Funeral costs and outstanding debts, like student loan payments, mortgage, car payments, etc., are just a few examples of the debt that your family may have to account for.
A term life insurance policy can instantly dissolve this stress for your family and allow them to grieve without added financial worries.
As a parent, we understand that you make great sacrifices in your life in the hopes that your children will have a bright future ahead of them. Term life insurance can keep their future shining, even after you’re gone.
Are you ready to give your children the gift of a more secure tomorrow? Visit our quote page and learn more about how IntelliqQuote can help you keep your children’s future on track.