Life Insurance for Single Moms
If you’re a single Mom, your kids are really counting on you. It’s tough to think about what would happen to them if something were to happen to you, but it’s important to be ready for anything and to make sure that they’re not left out in the cold if you get sick or worse. You don’t have to be in the autumn of your life to consider opening a life insurance policy, and if you’re a single Mom it’s never too soon to look into life insurance.
How Big of A Policy?
As a rule of thumb, your life insurance policy should be for roughly ten times your annual income. If you make $35,000 per year, you will want a policy that will pay around $350,000. When you’ve got kids, however, you may want to consider a policy that pays out your annual income for each year until your kids turn 18.
The size of your life insurance policy as a single parent will also be dependent on other factors. Do you own a home? Is there a mortgage to pay off?
Why do my kids need all this money?
Depending on the age of your kids and who is going to take care of them if something happens to you, that person won’t have to worry about the additional financial burden of adding new members to the home. College and University are getting more and more expensive each and every year, and you won’t be around to add to an education fund for your kids, so life insurance can help ensure that they have all of the doors open, whether or not they decide to go after second hand education.
Other Tough Things To Think About
Having a will is very important, it will say what happens with your money, home, and possessions. It will also give an idea of how you would like things to be handled to those who are responsible for handing them.
If you want to learn more about life insurance, the best thing is to call a few different life insurance agents in your home town and find out what each of them suggests, write down your different options, and go from there. Make sure you stick to the facts, and don’t let salesmanship sway you too much from what’s actually the best choice for you.