The Notion of Life Insurance

My mother uses the expression “it’s more than a notion” to describe ideas, ideals or situations that require significantly more time and attention than fleeting thought. Unfortunately for most persons, life insurance is a nonessential, non-critical notion. Something that everyone needs – just not at this very moment.

Parenting is “more than a notion” because raising a productive member of society is a great responsibility requiring commitment, fortitude and patience. Consequently, single parents have multiple roles:

  • Calorie Intake Regulator (Chef);
  • Fixer of Boo-Boo’s Great and Small (Nurse);
  • Squabble Stopper (Referee);
  • Enforcer of Family Rules, Morals and Values (Warden); and
  • ATM Machine (Financier).

There are many reasons to need life insurance – being the financier underscores the need, and make life insurance all the more essential and critical. Simply put, the financier keeps the household going, and as long as the financier is healthy and can work, the needs for the family are met. However, in the event of the Financier’s demise any and all earned income ceases. More importantly, if the demise of the Financier is untimely or the result of an unforeseen calamity the future stability of her child immediately becomes less secure.

For single parents ~ custodial and non-custodial alike life insurance is “more than a notion” it is an absolute necessity. With proper planning life insurance can be used to pay final expenses (including medical bills); fund retirement or college educations; and to ensure that all the opportunities you desire for your child/children can be met.

Never do we know what can happen tomorrow. Which is why protecting the financial security of our children should be “more than a notion.