Life Insurance For Single Parents
Do Single Parents Need Life Insurance?
As all single parents who have the responsibility of helping their children to grow both physically and emotionally know it is a full time job. Many single parents focus on the day to day tasks as they appear. These will include meal times, home work or the replacement of a school jumper because it was swapped at lunch time. Also added into the mix is the financial responsibility of providing for your family. Which typically rests on a single parent shoulders. Which means that falling ill and not being able to provide for your loved ones is a very serious risk. By taking a few moments to consider the longer term future for you and your family. Will offer peace of mind and security for the future.
How Can Single Parent Life Insurance Help Your Children?
As a single parent, your children rely on you for everything they need as they grow up. Although young children are unaware of the importance of money, being the sole breadwinner brings its own limitations. Because your children depend on you and your income to provide shelter and other living expenses. Life Insurance can give you the peace of mind that comes with knowing that all of these expenses could be covered for them if anything happens to you.
A Life Insurance policy could ensure that you leave your children without the worry of any potential debts and a financial safety net for their future.
If you were to choose to put a protection policy in place, a Single Parent Life Insurance policy could provide a lump sum payment for your children or a fixed monthly amount to help the day to day living costs. Both a sum assured lump sum or a family income benefit policy. Offer the stability and security that every parent hopes to provide for their children if they are no longer there to help. From going to university, buying a car or putting a deposit down on a home. The security of Life Insurance can provide these future milestones for your children.
Because each family dynamic is different, some single parents are reliant on their ex-partners income. Whilst considering the long term protection for your children. It is important to think about how you would cope financially if anything happened to them. By both parents having a protection policy in place for you and an ex-partner. Your children will be doubly protected for their future.
Protection Is Cheaper Than You Think
There are many different types of Life Insurance policies available to help you provide the long term stability for your family. Many policy types are very affordable if purchased whilst you are young fit and healthy. However if you are slightly older or have a medical condition you can still get affordable protection. Of the two most common types of Life Cover, you could choose a term based policy:
Level Term Cover
A Level Term Life Insurance policy will pay a fixed sum of money to your loved ones, if you pass away during the length of the policy. This policy type is usually a very cost effective policy type with protection starting from £5 a month. At Life Insurance Cover we compare all of the policies offered to customers to find the best level of protection, whilst sticking to your budget.
Decreasing Term Cover
This policy type is usually one of the cheaper options available. This is due to the level of risk for a Life insurer reduces over time. One of the downsides of this policy type is although the monthly premium remains the same. The level of protection you have reduces over time. A Decreasing Term policy is often used to protect a family home and a repayment mortgage. It is sometimes also known as Mortgage Life Insurance.
By choosing Life Insurance, which covers you for a fixed number of years is a cheaper way to obtain the financial security you need, another option could be:
Whole Of Life
Although fixed term polices are the most cost effective method for Single Parent Life Insurance. They are limited to a fixed number of years. However, a Whole of Life Insurance policy will offer protection throughout your life, without limits as you get older. The only downside to this policy type is the monthly premium cost will be more than a Term based Life Insurance policy.
What Do I Need To Consider When Buying A Policy?
By thinking about or considering on when to buy Life Insurance protection is a very important first step. Of the many factors which you may need to consider may include how much cover do I need? Will it cost a lot of money? Is it hard to find the right type of Life Insurance policy?
All of which are very good questions, because all parents know how little time they have to themselves to prepare for the next day, not including many years into the future. At Life Insurance Cover we can do all of the hard work for you, by comparing all of the Life Insurance Companies in the UK. This will save many hours of searching through all of the companies for you. We can find the best level of protection for you and your budget.
How Do I Arrange Single Parent Life Insurance?
Although no one like to think about the long term future, the ticking of a clock is a reminder that everyone will get older. By being prepared today and putting steps in place for the future will mean that if you were to pass away or if you were affected by an illness that left you unable to work, it is essential that those who depend on you are protected.
Another possible solution you may consider is deciding on a legal guardian for your children, if you were to pass away before their 18th birthday. A legal guardian could be a family member, close friend or someone you trust. By having a guardian in place, will offer a further level of protection for you and your children.
Compare Free Life Insurance Quotes
By choosing to arrange a Life Insurance For Single Parents policy, there are many options to consider. These include searching all of the UK companies to find a policy. Or alternatively, take advantage of a UK based Life Insurance Broker to do the hard work for you, with a free no obligation quote service just for you. At Life Insurance Cover we have helped many families protect their long term futures by searching all of the protection policies available.