As a single mum, raising your child or children by yourself is challenging and accessible at the same time. You tell yourself that you can do it all by yourself, but it gets hard sometimes.
When it comes to children of 18 years old, they end up living with one parent and no other family, and it gets tricky when one parent dies since they have no other family member to help them out.
It would help if you also considered investing on a burial insurance so that they can handle your orthodox funeral services, making it easier for your child to handle the process without using up most of the money you left them once you departed.
How single mums can buy life insurance
Single mums are usually very busy because they have to work time and day to provide for their families. The best option Is for you to purchase insurance, but most single mums find this task tiresome and very expensive. As a single mum who has decided to buy insurance, you need to make sure you do a lot of research when it comes to various insurance companies since not all companies evaluate risk factors in the same manner. Your family history is also significant, and you need to inform your agent about it before you buy your insurance. Some of the added information you need to tell your agent is if you have a history of cancer or high blood pressure in your family.
You might think that applying for an insurance coverage is a difficult task, but this is not the case. But before you apply for your insurance coverage, you may need to take a medical exam, however, you do not have to go to the hospital since the medical inspector will come to your home or your office to take the test.
Reasons why single mums need to buy insurance
1. Debt and financial obligations
Before you buy insurance, you should ask yourself, do you have any debts? And if you do, how much is it and how will I pay it so that your child doesn’t have to worry about it when you’re gone. Some of the expenses you need to deal with or may cause you to get insurance cover are; mortgage payments, car payments and home loans. In case you are in debt, you should opt to take insurance cover from the top side so that they can offer you enough for you to handle your debts.
2. Child’s education cost
When it comes to education, parents put a lot of consideration into it, and most parents take education as their priority. Every parent wants their child to attend a good school and get proper education but sometimes education is quite expensive. As a single mum with one child, paying for your child’s education cannot be that difficult since you can save up for a while, but if you have two or more children paying for every child can be pretty expensive. If you cannot afford the education of all your children, you should buy life insurance, and your child will be able to go to school.
3. Consider your policy beneficiary
Most of the time, naming your child as the policy beneficiary is always the first thing that comes to the mind of a single mum, but you are advised not to do this. The reason why you are advised not to name your child as the beneficiary is that your minor won’t be given the money. To be on the safe side, make sure you name your child and a guardian as the beneficiaries because If you don’t, the court will have to issue a beneficiary until your child turns 18, which costs you more money.
4. Cost of raising a child
One of the things that most single parents need to consider is how they will raise their children and how they will care for their needs. Some needs are food, transportation, clothing, medical and entertainment.
You might be afraid of getting insurance coverage as a single. Mum, because you may feel like it will be an added budget, but you shouldn’t. Insurance will ensure your child doesn’t lack anything once you have gone.