For 11 years I was a single mom. I worked every day, some jobs 80+ hours a week and others I’d spend 2 hours round trip in traffic alone. I went above and beyond to do everything I could to make sure my son had everything he needed, no sacrifice was ever to large to give of myself or my life for him. Single Parenting is never easy.
It wasn’t until I started working at a Funeral Home in 04 that it dawned on me that I didn’t have any plan in place for if something happened to me. I didn’t have a will, no documents regarding his after care and most importantly, I didn’t have life insurance.
I was studying to become a Life Insurance Agent, because when you deal with Funerals you have to understand the in’s and out’s of Life Insurance policies. Then I knew, as I know very well now married with a family, that Life Insurance should be a #1 priority for any parent.
I understand that for some single parents, Life Insurance may seem like just another bill you can’t handle at the moment. That’s why I wanted to share with you Genworth Financial. They have some very helpful tools and information about budgeting for life insurance and it shouldn’t be something you put off. As a single parent I understand that we all do everything we can, the best we’re able, on our own for the present… but what happens if you can’t be there?
Where Can You Go to Understand Life Insurance?
I know that Life Insurance can be a little confusing. There is a wonderful article on the Huffington Post called Life Insurance 101 that goes over the differences between Whole, Term, Employer Plans amongst others.
Also note, Life Insurance plans through employers are a great back-up plan, but they are generally not portable between companies, which in this job market could spell disaster. Consider putting all your money into your Employers Life Insurance plan and then something happening with your job? In most cases, that money is just gone. Having your own separate policy insures that no matter what happens, as long as your premiums are paid, you are covered. However, Employer plans are great for additional coverage! I had a job once that had a condition that it would pay out TWICE the value of the whole plan if something were to happen to me while I was on my way to work, while at work or leaving work. It’s a great way to double your value. Make sure you READ YOUR POLICY!
I honestly believe it leaves people with a peace of mind knowing that their families are going to be okay if anything happens. I had been face to face with many families, single and married, who sat with me in grieving times. The difference between the families that were not covered by Life Insurance and those that were is insurmountable.
Life Insurance for parents, single and married, is about protecting the lives we have given. Which is something we do today and something we have to look into for protecting tomorrow.
Article written using Genworth Financial Educational Resources. All opinions are my own. For more information about Life Insurance, you can visit their website.