Asked by Debbie  |  Submitted October 20, 2015

How much life insurance do I need as a single parent on a limited income?

I have a very limited amount of income and am a single parent. My youngest is disabled and will need life long care or assistance. I am 45 my kids ages are 18,16,13. How much life insurance should I get

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  Answers  |  2

October 21, 2015

First thing is to figure out how much life insurance you should get and this can be determined either by assuming a face amount where at 5% interest your beneficiaries would get at least 80% of your income replaced. Another option is to calculate college tuition, cost of living and a little bit of cushion for each child.

In addition think of how long you need the coverage to last, so for example if your child is 5 years old you should get a policy that will provide coverage at least until child is a legal adult and hopefully has a college education complete. In this case a 20 year term will do the job.

$commenter.renderDisplayableName() | 01.17.17 @ 17:48

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October 28, 2015

What is you income? How much do your children depend on you and your income? How much can you afford to put aside for your life insurance? Do you have special trust that protect your disabled child when he or she gets the death benefit? You can hurt you disabled child if you don't plan properly. He or She can lose his or her government benefits when he or she inherits from your estate.

$commenter.renderDisplayableName() | 01.17.17 @ 17:48

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