Insurance for single parents

Insurance for single parents

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As a single parent, how do you ensure your children are financially protected if something happens to you?

If you’re the sole earner and provider for your family, every dollar counts. Consider the following:

1. Life insurance

A child is dependent on your income so you’ll need life insurance. A general rule of thumb is to get a policy with a face value of at least 10 times your annual income (e.g., a $700,000 policy if you earn $70,000). However, the amount of insurance you need really depends on things like how much debt you have and your expectations for the money (e.g., how long it needs to last). Discuss this with an insurance advisor.

To continue reading all of the important considerations in this article from SunLife, click here. Please contact Harry or David with any questions or comments.