Single fathers are everything to their children: nurse, teacher, cook and of course playmate. They also carry the burden of providing for their children financially and earning the money they need to survive. How can you as a single dad protect your children against the day that you are no longer able to provide for them? Find out more about life insurance.

As a single parent your children are particularly vulnerable. It is your salary and your salary alone that supports them. You do not have the luxury of a joint income, another breadwinner in the family. It is for this very reason that life insurance should be at the very top of your list of financial planning priorities.

Nobody likes to think about death, but as a single father one of your first responsibilities to your family is to make provisions for the day that you are not there to provide for them. Your children rely on the income that you earn to cover their living expenses, school fees and medical bills. How would they survive without your income? Who would put a roof of their heads and food on their plates, let all pay for their extra maths lessons?

You will find an answer to all of these questions in a life insurance policy. As the owner of a life insurance policy you can rest assured, safe in the knowledge that your family will be looked after in the event of your death. Your life insurance pay-out can be used by the beneficiaries of the policy 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 costs of settling your estate. Your beneficiaries might even be able to use some of the funds to pay off all or some of your debt, but this would depend on the size of your pay-out.

Remember that if your children are underage they cannot be listed as policy beneficiaries. You will need to set up a trust and name the trust as the beneficiary of your life insurance policy. At the same time you will need to appoint a trustee to manage the funds in the trust on behalf of your children.

As a single father your responsibilities do not end with taking care of your children. You also need to make sure that they will be taken care of when you are not around to earn the income they need to survive. Protect your family against your untimely death with a life insurance policy.



Source by Aaron Dekker

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