As a single parent, you have the same financial concerns with others so that you do not have a partner to share the financial problems. Since you are responsible to the needs of the future of your children as your needs, you may be worried about making financial decisions. Doing some tips below, you probably will feel more confident with the financial life in the future.
A. Make sure you have enough life insurance
Life insurance is very important for people who have dependent children. You will know that your children's financial future to come will be safe. How much life insurance you need depends on the number and ages of your children, income level, debt level and the value of your assets. A good landing is to buy coverage from six to eight times your annual salary.
If you are interested in moving your loss of income or structured to cover your debts, you can choose a term life insurance, which is sometimes the most cost effective life insurance. Or, you may purchase a cash value of life insurance which can help you make saving for retirement or children's education and also provide benefits for your heirs if you die.
You will need to choose a beneficiary for life insurance policies are more cautious. When you call your child sebegai beneficiaries, it may cause problems if they are minor. Insurer will not make settlement directly to the minor. Talk to your insurance agent and financial advisor to determine the best option for you.
B. Buy disability insurance
Disability insurance is very important for single parents. If you experience pain or disability so that you stop working, you will harm the family finances. Structured to cover your health insurance only medical costs but exclude loss of your income. Disability insurance policy aims to move part of your income, usually ranging from 50% to 70% when you can not work. You may obtain short-term coverage or long term through your company. If you do not have, buy it. It may be expensive but so worth it to offer protection for your survival.
Take a few tips for you on a single parent. This will provide assurance on the future of your financial life. Good luck!
No comments:
Post a Comment