There are a few joyous moments in our lives, and the greatest has to be when we have children. Naturally, you want to protect your children is not just what you do, but also protect them from the outside world and anything that may hurt or injure them. That is a natural instinct as a parent. One way to protect your kids is to protect yourselves. You need to stay healthy in the body so you can work and provide for your children with anything needed and be there for them. You need to stay wise and strong in mind, not to just help them with the schoolwork that many of parents haven’t a clue about, but also the things that go on in the world and can affect your children as they grow.
Not everyone can invest $50000 in the future of their family within the shortest period. So another way of protection is through getting life insurance. Both parents should have life insurance to provide not just financially for the other partner, but also for the children should anything happen and they can no longer be there to do this on their own.
Some statistics show that around 26% of households with dependent children are single parent families. That’s two (2), million single parents.
Almost half or 49% of single parents had their children within marriage and are separated, divorced or widowed. Widowed being the key issue here, that would mean there would be no income or support from the lost parent.
The statistics also showed that single father was more likely to be widowed than single mothers. On average 12% of single fathers were widowed. This with only 5% of single mothers.
These statistics are from the Office for National Statistics which has statistics on just about everything you imagine.
Some other statistics the office showed were that poverty levels were higher for single-parent families. 4 in every 10 families of single parents were in poverty, as 2 in every 10 of two-parent families were in poverty.
Unfortunately, the statistics don’t show if this poverty level is due to a loss of a partner or spouse by death, or if it is attributed to divorce or separation. It would be interesting to see if there is a correlation.
As many of us parents know, raising children is in itself a full-time job and one we do with joy and passion. Those who don’t know if they could have done this alone if they had lost their partner and having life insurance in place is not there too in itself replace the loss of a spouse or partner. But financially it can help to fill the financial gap that could very well be there.
The insurance could provide funds to allow the surviving partner time to help the family grieve, also to get domestic help to assist with the cleaning and other chores.
The insurance could be there to provide for higher education for the children later in life ensuring they can attend university if they wish.
Having children while one of life’s great joys is also one of life’s great responsibilities. That responsibility is also to provide for your children even after you may no longer be here with them.