Do you find that as a solo/single parent you take out a larger policy? What amount of life insurance do you have on yourself and is it a term or whole life policy? What amount of life insurance would you suggest.
What amount of life insurance do you have for your child(ren)?
Also if anyone has insurance company suggestions I am open to all advice.
There are all kinds of calculators (and opinions) to determine how much you will need. Read all the opinions/thoughts and see what feels most comfortable to you.
I went for $500,000 policy (through MetLife) because it shouldn't cost more than $25,000 a year for ds' upkeep through the age of 18. And, that $25,000 a year grows every year I don't die.
Plus, my parents are the beneficiaries of the policy and they are both very smart with money.
My policy is for 20 years, so he is covered until he is 25. By the time he is 25, he better be able to support himself!
In addition, I have $50,000 of whole life on both my kids. My mom has purchased a $5000 policy on each of my kids too.
I think life insurance is extremely important. My kids will be well cared for if something happens to me because their dad will see to that, and they will get SS death benefits until they are 18yrs. But, I want to make sure that the future stuff, like college, is taken care of and that is what the $250,000 is about.
A will is also a MUST. I'm having one drawn up once the divorce is final.
I have $350,000 in coverage on myself, with DD's guardians as beneficiaries. I'm going to create a trust, however, and I invision that at least part of the insurance proceeds will go into trust for DDs benefit.
For me, the life insurance is an important peice of the puzzle, since it would be cash paid fairly shortly after my death, allowing DDs guardians to deal with her day to day expenses and keep the mortgage on the house current until it could be sold. I (luckily) have equity that I don't want DD to lose, and don't want her guardians to have to shoulder the mortgage in the interim.
Mama to DS (7)
Melaya (29) - Mom to Z (9) and soon to be I (due Nov 2013)
Birth mom to M (7), O (5), & C (2).
I've used www.acuquote.com You can see several quotes and they will shop for the best policy for you if you have any health issues.
Your parents and your children will not be responsible for your debts should you die. The executor of your estate would pay your debts with your assets and a policy payable to your parents would not be amongst your assets. It would be their assets. I'd double check on that.
Cristeen ~ Always remembering our warrior ~ Our is 3, how'd that happen?!?!
We welcomed another warrior in May 2012!!
2012 Decluttering challenge - 575/2012