Why it is important for single parents to have life insurance
According to the Pew Research Center, 34% of all American children are living with a single parent. Single parents need life insurance more than a married couple. Without a person to rely on, they need a solid plan to ensure that their children are taken care of if they pass.
According to a Genworth research:
•Unmarried fathers are the least likely to have life insurance of any group in the study.
•59% of unmarried mothers lack life insurance vs 43% of married mothers.
•60% of unmarried fathers with household incomes between $50,000 and $250,000 have no life insurance vs 27% of married fathers.
Those are astonishing facts. Married couples have someone to rely on if one of them passes. Unfortunately, single parents need to have an extensive plan so that their loved ones are not left with the burden of financial stress.
Single parents who purchase life insurance should take into consideration:
-Get a plan that will cover your loss of income, especially if you have young children. Ensure that your children’s education and needs are covered.
-Ensure your funeral cost will be taken care of.
-Choose a guardian who will take care of your children.
-Name a trust as your policy beneficiary.
Cosmo Insurance Agency offers a plethora of life insurance plans. We can give you options that best suit your needs. There are definitely affordable options. We want to be sure that you and your family will be taken care of if, god forbid, you pass on.
Call Cosmo Insurance Agency today for a quote on a life insurance policy.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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