When you're a single parent, make sure you have adequate insurance coverage.
It is crucial to have adequate insurance when you're a single parent. Buy adequate amount of life insurance coverage to secure the financial future of your children. Calculate your income, assets, debts and age of your children before buying life insurance. It is best to purchase coverage amount at least 6-8 times your yearly income. You can buy term life insurance or cash value life insurance as per your financial condition. You can go for the latter if you wish to save for the education of your children. Time life insurance is good choice when you're interested in replenishing lost income.
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