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.