Expert offers tips for single parents

Mar 23, 2012

Single parents must utilize financial products to their benefit.

Frank Darras, an insurance lawyer, said stay-at-home parents are equally valuable to a household dynamic as parents who are in the workforce. These parents provide services that can be very expensive if their responsibilities must be replaced in the event of a death, thus stay-at-home parents should also consider life insurance.

According to Darras, when stay-at-home parents are deciding what life insurance product to purchase they should consider all of their responsibilities for the family and home, and how much that might cost if they were to die. Parents should determine an average salary of an employee who could perform these tasks for the family to help decide how much coverage to buy. In addition, many spouses of stay-at-home parents depend on them at home in order to be successful in their own careers. Therefore, added coverage might be needed if the death of the stay-at-home parent will affect the other parent's job.

When searching for life insurance, consumers have a variety of options to choose from and many providers are adding new products regularly. For example, there is a new plan called critical illness coverage, which is similar to standard life insurance protection but more customized for consumers hit with a critical illness.

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