Insurance tips for single parents

If one parent you will be solely responsible for the needs of your children, as well as your personal needs. The truth is that you have the same insurance worry if someone else. The only difference is that you don't need a partner for the distribution of the burden. We have some insurance tips for single parents that will help you plan for your children and their financial needs.

Getting enough Life Insurance coverage
As a single parent; life insurance is a must for you if you have dependent children. You will be at peace with yourself to know that your children will not suffer financially when you die. How much life insurance you need depends on the number and age of your children, your income level, level of debt and the value of your assets.A good guideline is to buy coverage on six to eight times your annual salary. If you are interested in replacing lost income or to cover your debts, you can temporary life insurance, which is often the cheapest form of life insurance. You can also buy cash value life insurance, you save for your children's education and also a death benefit for them can help.

You need to make sure you a beneficiary of your life insurance policy carefully.Naming your children as beneficiaries can cause problems if they are minors. insurance companies generally makes no settlements directly to minors. handling the probate Court your good will require that a guardian is appointed to the insurance proceeds and may also require that a trust be set up to receive the proceeds. Discuss with your insurance agent to determine your best options.

Purchase disability insurance
Invalidity insurance is essential for a single parent.Since you are the father and mother to your children, and by extension the only wage earner, as an illness or injury to you to stop work forces, your children are suffering financially.Even a temporary loss of income as a result of a car accident, a fall or a medical problem can seriously affect your children, your health insurance, if you have one, can relate to your medical bills, but will not make up for your lost revenues. disabilities-insurance is aimed at replacing a part of your income-usually 40 to 80 percent — when you can no longer work. you may already have short-or long-term disability coverage through your employer. If you do not, you decide to make a purchase on your own. it can be expensive, but the protection it offers to your children is invaluable.