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Why single dads need life insurance

If you are a single father, you know exactly how much work is required for your household to function smoothly. From hairbrushes to bag lunches, carpooling to play dates, your children need you to help them navigate the world. More than that – your kids probably think of you as their whole world, especially if they’re still young enough to hold your hand as they cross the street.

But what if you were not there? We know you do not really want to think about the worst case scenario, so we will not explain it to you. Instead, we give you four good reasons why you should consider applying for an affordable life insurance policy. Think of it as a Father̵

7;s Day gift you can give to your children.

In this article:

Life insurance can help your children stay in the family home

If you are a homeowner, you already know that the monthly mortgage bill must be paid no matter what – along with property taxes, roof repairs and what it now costs to fix that strange noise coming from the oven. A good life insurance policy can help ensure that these bills continue to be paid even if you are no longer there to pay them.

Protecting your mortgage and keeping your children in the family home is one of the best reasons to consider life insurance. Depending on the length of your mortgage and the amount still on the loan, a 10-year life insurance policy can provide just enough coverage to give you and your family the financial security you need.

Life insurance can help ensure that your children are cared for

Single fathers know all about the cost of childcare. Whether you’re dealing with daycare, looking for reliable babysitters or comparing summer camps, you know that childcare is a big expense – and it’s the kind of expense that does not go away until your children are fully grown.

If you are the kind of single father who is at the top, you have already written a basic will – and you have already chosen a guardian for your children. (About a will: If not, the Haven Life Plus skier offers qualified Haven Life customers free online testing services from Trust & Will.) You may not have asked yourself how these guardians should cover all of these babysitters and camps.

This is where a good life insurance can help. If your children are still in kindergarten, a 15-year life insurance policy can be a smart choice, as it would offer your children financial protection until their high school diploma. If they end up attending a private school, their guardians may be able to use some of the financial aid to cover the cost of tuition.

Life insurance can help your children go to college

When it comes to teaching – you know college is more expensive than ever, right? Some fathers are determined to help their children as much as possible, set up 529 plans and start college funds. Other fathers use the cost of college as a way to teach their children self-confidence – but even children who receive scholarships or take out student loans still depend on their parents to help them cover the costs of new laptops, extra-long sheets and flights home for the holidays. .

If something should happen and you could not see your children to college, a life insurance policy can help your children pay for not only the tuition, but also the fees, the laptops and the late pizzas. If your children are still young, think about a 20-year life insurance policy. In this way, they will be covered even if they take five years to complete their degree – or if they decide to go on to upper secondary school.

Life insurance can help protect your parents

Your parents probably did a lot for you when you were little. They may still help you today, especially if they live close enough to see their grandchildren regularly. Believe it or not, a life insurance policy can be one of the best ways to thank them for all the hard work.

Once your life insurance is in place, your parents will have the peace of mind that comes with knowing that their grandchildren are being cared for. If your parents are your children’s assigned guardians, they will have the financial help they need to give your children everything you may have wanted them to experience.

Your parents will also have the peace of mind that comes with knowing that they will not have to cover any of the high costs associated with funerals, funerals and other end expenses. Thermal life insurance can be used to cover the type of costs, which can be much higher than many people expect – this is why you can use your life insurance to protect your parents from the potential financial burden.

We’ve never said it’s easy being a single dad – but we know you’re ready to go out of your way to make sure your family takes care of it. If it includes a life insurance policy, we have just given you four good reasons to add it to your to-do list.

Our editorial policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that it can be refreshingly easy to navigate decisions about life insurance, your personal finances and overall well-being.

Our editorial policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that it can be refreshingly easy to navigate decisions about life insurance, your personal finances and overall well-being.

Our content is created for educational purposes only. Haven Life does not support the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they suit your situation.

Haven Life is not authorized to provide tax, legal or investment advice. This material is not intended to provide and should not be used for tax, legal or investment advice. Individuals are encouraged to seek advice from their own tax or legal adviser.

Our revelations

Haven Term is a life insurance policy (DTC and ICC17DTC in certain states, including NC) issued by the Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and is offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term DTC-NY 1017. In CA, Haven Term DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by CM Life Insurance Company, Enfield, CT 06082. Police and driver form numbers and features may vary by state and may not be available in all states. Our agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is ranked by AM Best Company as A ++ (Superior; Top Category of 15). The grade is valid from 1 April 2020 and may change. MassMutual has received various ratings from other credit rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus skier, which is part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The driver is not available in all states and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made available under Plus Rider, which are provided by third party providers (partners). For more information on Haven Life Plus, visit: https://havenlife.com/plus.html

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