How much life insurance should a single parent have?
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UPDATED: Sep 15, 2020
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Single parents have unique concerns to consider when determining how much life insurance they should buy. The first thing to consider is where the child will live if you should die. Will they live with someone who can afford to support them, or will their presence bring about financial strain? Next, you want to think about what your child will need after you die. Education and college tuition? Health or medical costs? If so, you might want to make the future guardian the beneficiary or create a trust that the guardian can draw from to pay for these expenses. Lastly, you should think about any future needs they might have that would be helped by your life insurance policy. You could use some of your death benefit to set up a trust fund so that the death benefit continues to provide for them long after you have passed.