telephone icon(410) 312-7800
mcfarlin logo website preheader
  • Main Menu
    • Home Page
    • Agent History
    • Claim Information
    • Important Links
    • Insurance Glossary
  • Commercial Insurance
    • Business & Commercial Insurance
    • Business Owners (BOP) Insurance
    • Contractors Insurance
    • Cyber Liability/Data Breach Insurance
    • Employment Practice Liability
    • General Liability Quote Form
    • Non Profit Insurance
    • Technology Insurance
    • Workers Compensation
  • Personal Insurance
    • Auto Insurance
    • Homeowners Insurance
    • Renters Insurance
    • Personal Umbrella Insurance
  • Bonding
    • Bonds
    • Bond Request Form
  • Life & Health
    • Life
    • Health
    • Disability
    • Long-Term Care
  • About Us
    • Agent History
    • Agency Leadership
    • Location
    • Associations
    • Contact Us
    • Privacy Policy
  • Blog
Business Personal Bonds Benefits
Home > Blog > Should Single Parents Purchase Life Insurance?
THURSDAY, JUNE 30, 2016

Should Single Parents Purchase Life Insurance?

family posingYou are a single parent, working hard to meet the needs of your family. It can be a very challenging life to live. No matter how financially set you are or not, and no matter whether or not your child’s other parent is in the picture, one thing is certain. Your child depends on your income to help pay for his or her needs. As a result, there is a direct reason to protect him or her through life insurance. This type of insurance policy will provide your named beneficiaries with money that can be used to help cover your child’s specific needs even if you are not there to do so.

The payout received at the time of the death of a covered individual is called a death benefit. Most life insurance policies will pay out these funds within a short amount of time after the policy owner dies. As a result, they provide a rather fast source of income to the family that may be counting on your income on a daily basis. It is possible, and often quite common, for a life insurance policy to name a child, defined as someone who is under the age of 18, as a beneficiary. However, there are a few key things to keep in mind.

One of the ways you can safeguard these funds for your child is to create a trust that holds the life insurance policy. You’ll need a person that is over the age of 18 to work as a guardian of sorts over the policy. The funds from within the trust, including the funds from the life insurance, are still used only for the sole benefit of your named beneficiary, but there is a legal guardian with access to the funds to manage it for the child.

A life insurance policy can be critically important to your children if they are dependent on your income. Naming someone to work as his or her guardian isn’t just important for the sake of managing the death benefit but also to provide a home and other needs as well. Often times, this can be a hard decision to make, but knowing a life insurance policy is there to safeguard his or her financial future can give you peace of mind.

Learn more about your coverage options. Call McFarlin Insurance Agency at (410) 312-7800 for more information on Maryland life insurance.
Posted 7:32 PM

Tags: insurance, life insurance, tips, coverage, savings
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010

  • insurance(76)
  • maryland(40)
  • coverage(38)
  • business(23)
  • tips(23)
  • business insurance(22)
  • commercial(21)
  • home insurance(16)
  • savings(15)
  • policy(11)
  • columbia(11)
  • contractors(11)
  • commercial insurance(9)
  • auto insurance(9)
  • general liability(8)
  • health insurance(8)
  • liability(7)
  • baltimore(7)
  • surety bonds(6)
  • maryland business insurance(6)
  • bonds(6)
  • auto(6)
  • life insurance(6)
  • homeowners(6)
  • flood insurance(4)
  • life(4)
  • group health insurance(4)
  • safety(4)
  • d and o insurance(4)
  • renters insurance(4)
  • umbrella insurance(3)
  • md(3)
  • car(3)
  • compensation(3)
  • health(3)
  • general(3)
  • jewelry insurance(3)
  • workers(3)
  • dandoinsurance(2)
  • belongings(2)
  • umbrella(2)
  • whole(2)
  • risk(2)
  • epli(2)
  • professional liability(2)
  • columbia auto insurance(2)
  • maryland insurance(2)
  • retirement(2)
  • payment bond(2)
  • small business(2)

View Mobile Version
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
Connect With Us: Social Social Social Social
Icon

Visit Us

Agency
McFarlin Insurance Agency, LLP
8325 Guilford Rd, Suite A
Columbia, MD 21046


Phone: (410) 312-7800
Fax: (410) 312-7808
Icon

Site Links

About Us
Business Insurance
Personal Insurance
Bonds
Benefits
Blog
Customer Service
Contact Us
Powered by Insurance Website Builder