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On Target Financial
5301 SW 7th Street, Topeka, KS 66606
Phone: 785-272-5000
Fax: 785-272-6725
Joseph G. Prokop, CFP®, CRPC®
Website: www.ruontarget.com
January/February 2025
Unmarried with Children
According to the 2023 U.S. census, one in four parents were unmarried, a sharp increase in recent years. More parents also have unmarried partners than in the past, which doesn't change the fact that most parents — especially single ones — should have life insurance.
The Situation
Unmarried couples living together with their families have the same life insurance needs as married couples. While there are a few different types of life insurance, they all share one ultimate benefit: The person (your significant other) or persons (children) named as your policy's beneficiary will receive the same financial benefits as families headed by married couples.In contrast, single parents living with their minor children but without a partner have to depend on themselves. They likely need life insurance and legal documentation that addresses their children's care if the other parent is out of the picture.
Determining Your Needs
How much insurance will you need? It depends on how many children you have, if they would need childcare, whether your surviving spouse or partner intends to work, and more. Working single parents may have access to life insurance through their employers. In many cases, they may need more insurance than is available through the workplace.There's a life insurance policy for everyone. You can work with an insurance professional to determine how much and what type of insurance is best for your situation.
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Investment advisory services offered through Cambridge Investment Research Advisors, Joseph Prokop, Investment Adviser Representative. Cambridge and On Target Financial are not affiliated.
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