Contact Us: ​(855) 963-6900
Lapeira & Associates LLC
  • Home
  • Quotes
    • Medicare Advantage Plan Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Annuity Quotes
      • Final Expense Insurance Quote
    • Obamacare Insurance Quote
  • Service
    • Policy Review
    • Update Contact Info
    • Policy Changes
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • FAQs
    • Agency Photo Gallery
    • News
  • Blog
  • Contact
  • Home
  • Quotes
    • Medicare Advantage Plan Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Annuity Quotes
      • Final Expense Insurance Quote
    • Obamacare Insurance Quote
  • Service
    • Policy Review
    • Update Contact Info
    • Policy Changes
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • FAQs
    • Agency Photo Gallery
    • News
  • Blog
  • Contact

Lapeira & Associates LLC Blog

Single Parents’ Guide To Life Insurance

9/12/2022

0 Comments

 
Picture
​Being a single parent makes it essential for you to have life insurance. Unexpected and sudden death can happen to any person. If you’re a single parent, having life insurance guarantees support for your children if you die unexpectedly. 
Factors that Determine the Amount of Life Insurance Single Parents Need 
As a single parent, one of the most important things you can do is to make sure your family is taken care of financially in the event of your death. Life insurance is an essential component, but determining how much coverage you have can be tricky. There are several factors to consider:

Income 
Get a minimum of life insurance that amounts to 10 to 15 times your yearly income and monetary death benefit. This monetary benefit can support your kids’ daily expenses like utility and similar bills and groceries. 

The Amounts of Debts You May Have 
Co-signers are responsible for paying off your remaining debts if you pass away unexpectedly. Of course, it’s common sense that your children aren’t going to be responsible for paying these bills off. If your loans had no co-signers before your death, creditors could take away your properties. So, your life insurance also needs to have a sufficient amount to pay off all of your debts.

Your Children’s Future Expenses 
There’s no timeline for sudden deaths, as it happens unexpectedly at times. So, your kids’ future expenses need to be considered. Examples of future expenses your kids may have are college fees, extracurricular activities, and savings funds. Include these expenses into your computation of the amount of life insurance you’ll get. 

Combine these three factors when you compute the final total amount of life insurance you’ll be having. Don’t forget to include your death expenses in computing for the said amount. 

Deciding on the Name of the Beneficiaries for Your Life Insurance 
It’s human nature to want your children to be the beneficiaries of the life insurance you’ll get as a parent. But keep in mind, though, that minors aren’t legally allowed to accept life insurance funds until they become adults. Without having beneficiaries, there can be a delay in processing the lawful proceedings in determining the legally-entitled individuals to get life insurance money. 

Name the life insurance under a trust, indicate how the money is given and spent, the expenses the funds can be spent on, and a trustee who will enforce your wishes. Doing so can prevent legal complications and disbursement of monetary benefits of your life insurance. 

Conclusion 
Planning life after death may not be something you want to do. But doing so, though, can spare your kids from a possible tough future ahead of them. 

At Lapeira & Associates LLC, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (855) 963-6900. You can also request a free quote by CLICKING HERE. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.
0 Comments



Leave a Reply.

    Contact Us

    (855) 963-6900
    9956 Pines Blvd.
    Suite 2
    ​Pembroke Pines, FL 33024​
    Click Here to Email Us

    Archives

    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    November 2021

    Categories

    All
    ACA Health Plans Insurance
    FAQs
    Final Expense Insurance
    Financial
    Health Insurance
    Insurance
    Life Insurance
    Local
    Medicare Advantage Plans
    Medicare Supplement Insurance
    Obamacare Insurance
    Safety

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login
​Disclaimer

Connect With Us

Share This Page

Contact Us

Lapeira & Associates LLC
9956 Pines Blvd.
Suite 2
​Pembroke Pines, FL 33024
(855) 963-6900
​Click Here to Email Us
Review Us

Location

Davie, FL - Old Davie School 02.jpg by Jrozwado | CC-BY-SA-4.0 | Website by InsuranceSplash