By McKay Moravick
Navigating the challenges of insurance planning can be challenging, especially for single
parents who are dealing with various other responsibilities on their own. As an independent
agency with over 25 years of experience, our team at Boettcher Insurance Agency is dedicated
to providing support and guidance for single-parent families.
The Importance of Life Insurance
Life insurance is a crucial component of financial planning for single parents. It offers a safety
net that can provide financial stability for your children in the event of your sudden passing.
Although life insurance may seem like an additional expense, it is essential in securing your
family’s future.
How Much Coverage Should You Purchase?
Determining the appropriate amount of coverage depends on various factors, including your
financial situation, debts, and future expenses. Consider the following questions when choosing
a policy:
• What expenses do I want to be covered? Think about immediate and long-term costs
like childcare, education, groceries, and extracurricular activities.
• How long do I want the coverage to last? Decide between permanent (whole) life
insurance, which provides lifelong coverage, or term life insurance, which covers a
specific period. Term insurance is generally more affordable and can be customized to
end when your child reaches adulthood.
• What debts do I have? Factor in mortgages, loans, and other debts that could affect
your family if left unpaid.
• What is my annual income? Look to select a policy that can replace your income for
several years to be sure your child’s needs are met.
Disability Insurance: A Must-Have for Single Parents
Disability insurance is often overlooked but is important for single parents. It ensures that you
continue to receive income if you are unable to work due to illness or injury.
Types of Disability Insurance
• Long-Term Disability Insurance: This type of insurance can replace up to two-thirds of
your income and provide benefits until retirement age if you are permanently disabled.
• Short-Term Disability Insurance: Provides weekly benefits for up to six months,
starting as soon as seven days after becoming disabled.
Disability insurance premiums are generally affordable, costing about 1% to 3% of your annual
income, making it a smart investment to protect your family’s finances.
Conclusion
As a single parent, preparing for the unexpected is crucial to ensuring your family’s financial
security. At Boettcher Insurance Agency, with over 25 years of experience, we understand the
challenges single parents face and are here to help you navigate your insurance options. From
life and health insurance to disability coverage, our team is committed to providing support to
meet your specific needs.
Contact us today to learn more about how we can assist you in creating an insurance plan that
offers peace of mind and protection for your family.