There’s no question that single parents have a lot on their plates. And, searching for the right term life policy can become a task that falls lower and lower on the to-do list. Discovering the right policy and filling out the application can be made easier if you have the right questions in mind.
How Much Money Do You Need?
As a parent, you need to think of how much money your children will need when you’re gone; expenses range from the daily cost of living to paying off loans. ProtectYourGoose makes it easier by putting it in terms of your paycheck. When utilizing the discovery tool found below, one can decide on the percentages of income that will be replaced when you die.
Who Gets the Money?
One of the most important decisions to make when purchasing a term life policy is deciding who will be the beneficiary. As a single parent, the decision can be a bit trickier as your child is likely under 18. There are a few different ways to select your beneficiary.
Naming your child the beneficiary seems the most logical way to go, but this could lead to issues if you die before they turn 18. Most states won’t allow children to receive payments until they are no longer minors. This creates problems, as your intent when getting life insurance was to alleviate expenses associated with your child’s everyday life.
One of the most popular routes to take is to name a trust you’ve drawn up as the beneficiary. The trustee would likely be the person responsible for your children if you were to die. Within the trust, certain rules can be written for how and when the money is doled out to your children. For example, when your children reach a certain age the trustee could be directed to pay certain benefits directly to the children.
So, now the question is: do you want to protect your family’s hopes and dreams?
We will provide you the most overall benefits for the lowest monthly cost. Plus, it only takes a few minutes. Fill out the form below. On the resulting discovery page, give us your contact info, and we’ll let you know. It’s really that easy.