Single parents are well aware of their importance in their children’s lives – they’re the caregiver, the counselor, the cook, the chauffeur, the housekeeper and more. Single parents, especially those who are also the household breadwinners, are often working so hard to take care of their children that they forget to ensure that their children will be taken care of in the tragic event of their premature death.

Raising children is expensive. According to the U.S Department of Agriculture, which is responsible for determining the average costs of raising a child in the United States from birth to age 17, parents can expect to spend between $11,500 and $13,500 per year, per child. That’s over $200,000 to maturity!

Life insurance is essential for the single parent, as it provides the means for your children’s legal guardians to raise them in the manner you intend. It can pay for food, housing, clothing, recreation, transportation and child care. It may also fund their college education, which is becoming prohibitively expensive for those without significant financial resources.

When naming beneficiaries, you’ll want to appoint legal guardians and/or establish a trust to receive the proceeds of your policy. The probate court overseeing your estate settlement will likely require it, and Insurance companies generally don’t pay death benefits directly to minors.

A life insurance policy can guarantee that your children will have the means to live out their dreams and reach their full potential. It might be the most valuable gift you ever give them, even if they never use it, because it enables you to be a more confident parent knowing that your children will be taken care of, even if you’re not there to do it.

My Insurance Expert has been assisting individuals and families with their insurance needs for over 30 years and has a team of licensed Advisors available for free one-on-one consultations.