Life Insurance and Single Mom
If you are single mom and feel depressed, do not feel lonely. There are millions of families who are single parent families. Almost 15.9% children of industrialized world stay with single parents.
Other than being stressed out and depressed, it’s time to take on some responsibilities.
If you are single mom, you have tons of responsibilities. You will have to raise and protect your children. You are almost doing two person’s job all the time. Often people say in single mom families children are the blessing as well as biggest frustration.
However, you must not take things in a negative way. Your children are your responsibility and your greatest commitment. No matter how old your child is either, you will be struggling with diapers or with the tuition fees.
If you are a single mom, financial responsibility of one child is very expensive. According to U.S Department of Agriculture a household with income, less than $56,670 spends almost $8330 to $9,450 per year on children expenditure.
College expenditure of children is ever increasing. The average cost of one-year college is close to $30,393. This figure includes tuition fee, hostel fee and stationary charges.
For a single mom, there are two biggest responsibilities; to keep the household running and financial take care of the child. Have you ever though what will happen to your child when you are not there for them?
This is the time when you must think of life insurance for your child. Life insurance replaces you lost income. It gives you funds to take care of your family members. Your children will not have to be financially dependent on others.
Single moms and dads must review their life insurance. The review of your insurance comes free. Your agent can help you to find out the best coverage for you.
You must talk to your ex-spouse about the life insurance. You must figure out whether or not they are paying for insurance fee.
You must also think about right guardian for your child’s care. Choose individuals who will take care of your child’s needs and responsibilities. You must let them know about the legal responsibility.
You must document your will. Verbal instructions are not valuable. You must also mention about the assets which you have and what will happen to those assets. Your will, will define who will inherit your property. Discuss this matter with your legal advisor.
You written will, will direct, manage and distribute your wealth. If you die without a will everything will be on the verdict of probate judge.
Life is inevitable. You never know what is waiting for you the very next moment. If you have children, they are your biggest responsibility. You must make sure, that after you they have enough financial inheritance so that they are not financially dependent on others.
You must make sure that you have an adequate life insurance plan. Be very sure about the financial security of your child. Look for a good life insurance plan for your child.