07 July, 2021
Why Life Insurance should be a priority for single parents
As if life isn’t hard enough already, it’s even harder for single parents. The seemingly simple idea of managing home and work is a whole different story when it comes to single parents. It can be a stressful, lonely effort – home expenses, bills, kids’ tuition, clothing, mortgage, the list goes on. It’s tough, but you make it work. You make it work for yourself and for your children.
Now imagine this well-oiled parental love machine coming to an abrupt halt if you’re not in the picture. You wouldn’t want your kids to be left to fend for themselves – or, entirely at the mercy and kindness of others. Getting a life insurance policy is an ideal safeguard and backstop in a scenario where, if the unthinkable happens, your kids will be okay. You would have taken care of their financial future with the right coverage at the right time.
Can you afford Life Insurance?
It’s a misconception that life insurance is expensive. This couldn’t be further from the truth. Depending on your financial needs, age and overall health condition life insurance may cost you as little as a week’s worth of coffee. For instance, if you want a $100,000 coverage, your premium could be starting off at $29. Isn’t that something you could put on your grocery list?
Approach 2:**How much coverage do you need?**
Now that we’ve established how life insurance can be affordable, let’s look at your finances a little closer.
- Medical bills
- Kids’ future college tuition
- Other debt
Consider all the above factors before picking a policy. Ensure your coverage amount covers all these future expenses and more. Don’t buy life insurance because you hear people say how important it is. Buy it because you understand why it’s important. When you know how much coverage you need and why you need it, life insurance becomes a lifesaver for your loved ones. Bubble’s automated guidance platform can help sort out all the intricacies for you.
You might say you have “enough” saved up for your children’s future needs. But do you?
- Would it be enough to cover your child’s college education?
- Would it be enough to pay off your mortgage and any other debt you leave behind?
If you can’t answer any of these questions, you might want to consider buying life insurance with coverage that can help keep your children financially looked after when you're no more. Yes, nobody and nothing can replace a parent’s love, care, and protection. You are your kids’ safety net now; but if you’re no more, life insurance can at least partially serve as one...