Struggling as a single parent can cause you to worry about what would happen to your offspring if you were not alive to take care of them. People don't like speaking about death, but it is vital that you cover all bases so that your children will be well-cared for in case you unexpectedly pass away from an illness or injury.

Pre-Existing Conditions Could Jeopardize Your Enrollment

If life insurance is something you hear a lot of people talking about, but you are really unsure about how it works, studying up on how a policy could change your children's life will be your best bet. The beneficiaries who are listed on a policy will receive funds when the insured passes away.

Many life insurance companies require that there are no pre-existing conditions prior to receiving coverage, making this the perfect time to seek coverage if you are healthy. If you don't purchase coverage now and change your mind down the road, you could jeopardize your enrollment if you have a disease or chronic injury that was obtained prior to the date that you chose to fill out your life insurance application.

Most Policies Offer Low Monthly Prices

A life insurance agent will discuss the different coverage options and help you choose a plan that will provide your children with sufficient benefits in case you die. Most policies allow individuals to pay a down payment for their life insurance and monthly payments afterward. The low payments make it easy for just about anyone to afford life insurance.

As long as you keep your payments up to date, your insurance coverage will remain intact. If you ever change your  mind and decide that you would like to add more coverage to your existing life insurance policy, call or meet with your insurance agent and let them know the details pertaining to the increase in the coverage. 

A Trustee Is Necessary If Your Children Are Underage

If your children are small now, you should think about naming someone as the trustee of your estate. It is also vital that you draw up a will if you haven't already.

You can specify in your will how you would like the life insurance money to be handled in the event that you die. This will ensure that your children's physical and emotional needs are met. You can even add a clause to your will that states that your children will receive the remainder of the life insurance funds and will be able to spend them as they wish, once they reach a certain age.