Single parents have more responsibility, to say the least. Caregiver, breadwinner, cook, house cleaner and chauffeur are just a few of the many, many titles associated with single parents. A typical day for a single parent may look something like, work eight or more hours – come home – supervise homework & actives – prepare meals – get house together and back to it the next day. Weekend time is used for the shopping, running errands and catching up on what may have been missed during the week. There is no argument that you have a lot to deal with, making your needs unique. Know you are not alone… according to the families.com article “FAMILY Single Parents”. In 2002-three out of ten children were living in single parent house holds.
Being a single parent means if YOU don’t get the job done, the job does not get done. That is why it is all the more important to take a look at your estate planning needs. Among the many responsibilities of single parents, protecting your children is no doubt high on the list. Therefore protection that is provided with estate planning and life insurance should not be overlooked or given the “I’ll get to it later” label. Believe me I know how easy that is to do being a single parent myself. Even when you don’t mean to put something so important off sometimes it still happens… I get it. I want to encourage you to write it down right now. Schedule your self the time on the calendar, on your “to do” list, set up reminder alerts on your phone, or maybe you’re a post-it note person. Where ever it helps to keep this on your mind as a “MUST DO”.
As long as you stay healthy and can work, your children’s needs will be met. However, what if something were to happen to you… will your children be cared for the way you want and will they have the financial protection needed?
Life insurance is one of the keys to your children’s financial protection. Designed to be an income replacement vehicle, life insurance benefits can be used to to replace your income and provide funds for the care of your children. The top two reasons for benefit usage as stated in “Why do I need life insurance” 1.Replacement of income 2.Care for others.
I know that some of you may be thinking that I can’t afford it. Well before you completely write off the thought… check out this life insurance calculator, no personal information is needed for you to get some sort of idea and the cost. Also check out the post on “Some is better than None”.
Wondering were to begin? Below is a “To Do List” for Single Parents.
Be Proactive – Review your life insurance needs: If you’re young and healthy term life insurance is cheap to obtain. To get you started in the right direction… here is a Life Insurance Needs Worksheet for Single Parents
Name Guardian for minor children: Don’t leave this important decision for a judge to decide for you. Review: Who will take care of your kids
Set up a Trust: This will provide money to support and protect your children. A note about the Guardian of your children & Trustee of their assets: Experts recommend to have at least two people sharing these duties – one person taking care of everything may-be too much of a burden, and cause problems.
Write out your wishes: Writing out a heartfelt letter explaining how you want your children to be care for,will aid everyone in understanding your wishes and knowing how to go about caring for your children without you.
Review your Will and Testament. Don’t have one – start one.: These documents indicate who will make important decisions for us in the future. A couple sites you may want to check out: Suze Orman’s advice on wills and trusts and the Last Will and Testament site.
Safe Keeping: You’ve done all this work on some very crucial issues…now make sure someone knows where to find these documents. Commonly there will be 3 people with a set of these documents:
- Your Attorney
- Executor of your estate
Note: North Coast Life, employees nor its agents are in the business of offering tax or legal advice. You should consult with your professional advisors on these subjects.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
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