Single parenting has its own set of complications often making life more difficult to navigate. In many cases, single parenthood means one less guardian for your child or children, one less income earner and one less person who knows what you would want for your dependents in the case something happens to you.
Whether you are a single parent due to divorce, loss of your spouse or any other reason, you know the challenges you've overcome and you know there are challenges yet to face.
Taking care of your children motivates you to keep pushing on for them. Nobody knows your children like you do and that's why nobody can prepare for their security as well as you can.
With the busyness of your schedule and the constant demands on your time and resources, it's easy to not have life insurance in the front of your mind. Beside, who likes to think about dying and what that would do to your children?
Nobody.
That's why we're here to remind you about the importance of preparing for the unexpected, even though the unexpected is the last thing you'd want to happen.
That's the nature of life insurance, mitigating or managing risk, where a little bit of time spent planning and a bit of payment will pay off well in the long run if that risk turns into a reality.
Cover Your Debts
Should the worst happen, you definitely don't want life to become any harder for your children at this point. You want to make certain there are enough financial means for the executor of your estate to cover your final expenses, satisfy any existing creditor accounts so the rest of your estate can provide for the future of your children. Life insurance is an important piece of that strategy.
Mortgages, home equity loans, credit cards, student loans, car loans, all of these involve creditors expecting payment from either you, your family or your estate.
Unfortunately, whether a death is expected due to an illness or unexpected, unpaid debt will not expire with you.
With the average American household debt identified as $100,000, there's no argument that our nation is in a love-hate relationship with spending more than we earn. $100,000 of debt can equal several years of income for many Texans.
When people purchase items on credit or carry a loan balance, it's usually with the thought of enjoying those things for years to come while being able to make payments.
Cover Your Chidren's Needs
Plan out what life would look like for your children if you weren't around to help with their needs. You know their medical history, their educational, their mental, emotional and physical needs.
Odds are you've probably already forecasted what they might need as they grow. If you haven't already executed a last will and testament, consider doing this. Not only can you identify someone to execute your financial desires, you can identify those who you would desire to care for your children.
Having one person dedicated to your financial wishes and the other dedicated to the well-being of your children has some built-in accountability that your wishes are carried out. We recommend keeping the two separate if possible.
Having this plan in place should take care of your family's immediate needs along with the future plans of first vehicle, college, marriage and anything else you planned on gifting to your children if you were here to do so.
How We Welp
If you are worried about paying for life insurance premiums while trying to pay off debt, we advise you consider the cost of what not having life insurance will do to those left with your debt and no life insurance payout.
Plus, there are plenty of options we at Insurance For Texans can bring to the table to make certain your life insurance policy meets the your goals at the best value possible.
Once again, as an independent insurance agency, we are in the business of providing options. Whether a term or permanent life insurance policy fits you best, let's talk.
If you have a policy through an employer, we'll help you understand what that means if that job goes away. We'll also tell you whether or not your current life insurance policy will do enough in the event you're no longer here.
At Insurance For Texans, we are in the business of helping others plan for the unexpected and we want to do that for you so you can go about living life with that much more confidence knowing your children would benefit when they need it most.
As a single parent, this is the single most important way you can continue to make a positive financial impact on the lives of your children if you are gone.
They are worth it.
