28/09/2021
For single parents, raising your child or children is both a joy and a challenge. But you also need a lot of hard work to provide for their needs or wants, goals or dreams.
But what will happen to your child or children if untimely death, disability or critical illness struck you? Who will provide for your children? How about their education?
Working hard and saving money may not be enough.
That’s why life insurance and income protection plans are needed the most if you are a single parent.
For insurance planning, here are the things you should consider:
• Get enough life insurance to cover your lost income, your children’s education, and your final expenses (debt, funeral, burial).
• Choose a responsible guardian who will be in charge to take care for your children.
• Name a trust as your policy beneficiary. Minor children cannot receive life insurance death benefits. A trust will ensure the death benefit proceeds are distributed and used according to your widgets. You can also set it up once your children are of legal age, that they are given a portion of the benefit.
Today is the day to protect the financial future of your loved ones.
Note: VULman is not a person. It is a representation of V.U.L. as the financial product or plan. You may also consider term insurance.
Source: https://www.quotacy.com/the-importance-of-life-insurance-for-single-parents/
