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Single fathers are everything to their children: nurse, teacher, cook and, of course, playmates. They also carry the burden of providing for their children financially and earning the money they need to survive. As a single father, how can you save your children from the day you can no longer care for them? Learn more about life insurance.
As single parents, your children are particularly at risk. It is your salary and only your salary that supports them. They don’t have the luxury of a joint income, another breadwinner in the family. For this reason, life insurance should be at the top of your financial planning priority list.
No one likes to think about death, but as a single father, one of your first responsibilities to your family is to provide for the day when you don’t have to care for them. Your children depend on your income to cover their living expenses, school fees and medical bills. How would they survive without your income? Who would put a roof over their heads and food on their plates, let everyone pay for their extra math lessons?
You will find the answer to all these questions in a life insurance policy. As a life insurance policyholder, you can rest assured that your family will be covered in the event of your death. Your life insurance payout can be used by policy beneficiaries to replace your monthly income, the income that supported your children, put them through school, and fed and clothed them. It can also be used to cover your funeral expenses and the cost of administering your estate. Your beneficiaries could even use some of the funds to pay off some or all of your debt, but this depends on the size of your payout.
Remember that if your children are minors, they cannot be listed as beneficiaries of the policy. You must form a trust and name the trust as a beneficiary of your life insurance policy. At the same time, you must appoint a trustee to manage the trust funds on behalf of your children.
As a single father, your responsibility does not end with looking after your children. You’ll also need to make sure they’re taken care of when you’re not around in order to earn the income they need to survive. Protect your family from your premature death with life insurance.
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