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Why single parents need life insurance

Life insurance is a must have for many people but it’s especially important if you’re raising children on your own. Americans struggling with their finances in today's downtrodden economy may think they can save money by skimping on life insurance. Almost 70% of single parents don’t have life insurance. Adler Insurance suggests you consider these three things to help you figure out how much life insurance you need.Adler insurance provides tips on life insurance in Prescott.

1. Life insurance provides your family with an additional source of income in case something happens to you. If you have children, it is recommended to get coverage the equivalent of eight or nine times the gross annual household income.

2. Having life insurance as a single parent isn’t enough because you also need to know what it’s going to be used for. This depends on how old your children are and what would happen to them if you died before they reached adulthood. You might require additional coverage if your guardian doesn’t make enough to cover the additional expense of raising your kids.

3. When you die, the executor of your estate is responsible for determining your debts and using any assets you have to pay them off. If you’re still paying off student loans or other debts, your creditors could go after your life insurance monies before your beneficiaries receive any funds. If you owe thousands of dollars, you might need to increase your life insurance to cover all your debts.

Americans struggling with their finances in today's downtrodden economy may think they can save money by skimping on life insurance. Approximately 30 percent of U.S. households have no life insurance coverage and among households with children under 18, over 11 million have no coverage. Approximately 30 percent of U.S. households have no life insurance coverage and among households with children under 18, over 11 million have no coverage.

Check your policy and review it with your Adler Insurance if you’re not sure it’s accurate or you have what you need.  Contact us at 928-710-1455.

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