While single parents don’t have to worry about leaving their remaining debts and financial obligations to a spouse if something were to happen to them, they still want to make sure their children are taken care of if anything were to happen to them. For that reason, it’s a good idea for single parents to look into getting Virginia life insurance.
Taking Care of Your Child’s Needs
As a single parent, taking out a life insurance policy helps ensure your children have money for college and getting a car when they become of age. Life insurance also helps make sure your children aren’t left to take care of any debts you leave behind.
Deciding on a Beneficiary
Once you decide to get life insurance, you need to appoint a beneficiary. Rather than leaving the payout to your kids, it’s better to leave it to either the other parent or a family member you trust to use the money wisely.
The Benefit Amount
Getting life insurance also involves deciding how much to leave your children. While a single parent might not have the same amount of debt as a couple, single parents want to make sure they leave enough to take care of unpaid loans, the cost of raising a child and funeral costs.
For more information about Virginia life insurance as a single parent, talk with an experienced life insurance agent. A single consultation can change the future lives of your children for the better.