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Insurance Considerations for Single Parent Families

If you are the single parent of one of more children, you have a number of specific considerations related to leaving your children on their own or with other family members in case of your death.

Consider these issues:

Providing for the care of your children. As a single parent, you must take responsibility for comprehensive planning for your children's care - where will they live, who will raise them, for example. These issues are difficult to face and may require some hard decisions. Smart financial planning now, though, can help make life simpler if these circumstances do come to pass. Adequate life insurance coverage may provide the monetary support your children will need in your absence. And be sure to make a will, documenting all of your intentions. You may also want to create a trust, into which the proceeds from any life insurance will be placed for the benefit of your children as they grow.