Stay at home parents need life insurance, even if they aren’t working. Likewise, single parents and grandparents need life insurance too. It’s fair to say that single parents need the insurance even more. If you are a single parent and are unsure of what you need to look for when it comes to life insurance, then follow some of this advice.
If something should happen to you, then you will need to name a trusted friend or relative as a caregiver for your children. Raising a child can cost several hundred thousand dollars, and this cost only goes up with more children. That’s why you need to make sure they are in good hands if you are no longer able to care for your children. A life insurance policy will be able to bring your chosen guardian some much-needed relief if ever the situation should call for it.
Life insurance policies can also help you pay down some debts. These debts are accrued through bills that need to be paid at set deadlines. Whether these debts are from car payments, student loans, or home mortgages, having the right life insurance can provide a considerable boost. Also, your potential co-signer will be grateful as well. That’s because your co-signer could potentially become responsible for covering your debts when you can longer handle them.
Covering Final Expenses
Settling your final expenses is a grim reality. Fortunately, most of us won’t have to consider it before it is expected to become an issue. Here is where a life insurance policy is especially useful for single parents. It can be difficult, and even onerous, to think about final expenses on top of all the other expenses that need to be addressed even when you aren’t planning on having an elaborate funeral service.
How Much Coverage is Enough?
Unfortunately, the coverage question is a tricky one to answer. You will need to get in touch with your insurance agent, especially if they’re one of the experts at Wachter Insurance. The insurance policy you purchase will ultimately depend on your circumstances – not everyone has the same coverage concerns, after all – and what your budget is.
Get in Touch with Wachter Insurance
Whether you need homeowners’ insurance or auto insurance, our team at Wachter Insurance Agency, Inc. is here to help. We offer our clients competitive rates, professional customer service, and a wide range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969 and we would love to help keep your home and family safe every day of the year. For more information, call us at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Google+, Twitter, and Pinterest.