Life Insurance? Is it a must when you are now a single mom after divorce? What is the best company?

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Sarah - posted on 01/05/2015

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If you are young and in good health and can afford even a small whole life policy, get it now. You can have both; keep a sizable term policy, cheaper but temporary, to protect your kids until they are older. Then carry a smaller, expensive but forever, to use as an investment or cash out to pay for your kids college tuition. The sooner you act the cheaper it will be, usually you pay it off over 20 years and the payment goes down each year while your borrowing ability on the policy goes up. Best idea is go sit down with an agent, he or she can quote you prices and you will know what to do. My husband can't get whole life due to a health issue that came up at 39yo, but he carries a huge 20 year term that we took out when we had our third child. If it expires and I get nothing, fine with me and by that point my kids will out of the house (hopefully). I have a moderate term (free benefit at work) and smaller, but not too small to matter, whole policy that my parents started when I was 20.

Barbara - posted on 01/05/2015

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Thank you Sarah, I do work and I am in excellent health. I am still contemplating what is best, term or life? I currently have term, but I don't know under the current circumstances if it would be beneficial to have life

Sarah - posted on 01/05/2015

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My sister and her ex-husband both had to get and pay for their own life insurance policies as part of their divorce decree. Every divorce is different, so legally I can't say. I do think that every parent should try to carry some life insurance. If you are a SAHM, your spouse would need to pay for child care. If you work, your family would have to adjust to your lost income and benefits. As far as an agency, I can't really say which is best. We use Country Company for all of our insurance. Much depends on your health history and age.

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