Pivotal Viewpoint: Veteran, Single Mom, and My Life Insurance Policy
Why I Chose Life Insurance as a Single Mom
Veteran’s Day is typically an emotional day for me regardless of what else is going on in my life. However, this year, it is especially emotional with the onset of a few new life circumstances.
I am not the type of Veteran that was awarded a Purple Heart or was stationed in Bahrain for an extended amount of time. I’ll be honest. I joined the Navy to get out of a very small town in Louisiana and to travel. I remember like it was yesterday. The recruiter asked if I needed college money. I said no, I have a full scholarship to LSU. He then asked if I wanted to see the world. Um… yes! Please. When can I leave?
However, my intent to see the world was quickly challenged when September 11th happened. My desire to just travel turned into the reality of military service and serving my country.
I left the military in 2005 and rolled over my $400,000 into your standard USAA “continue your coverage” policy. I had just gotten married so, of course, my new husband was my beneficiary. Fast forward to 2014. I am in the process of getting a divorce, I am being told I will be paying child support to my ex and I have never actually calculated how much life insurance I need. The court says I have to be able to pay off the remaining child support. Okay, that’s an easy enough number. What else, though?
As a single mom, I’m worried about being able to buy a home again.
I’m worried about a college fund for my son who will be attending college in ten years.
I’m worried about getting hurt or sick and not being able to be the primary breadwinner.
I’m concerned about whether or not I am teaching my son enough to be financially responsible and save for his own retirement.
Who am I kidding? I’m concerned I’ve saved enough for my own retirement. The pivotal realization for me is that life insurance can be used as a financial planning tool to help me leave my own legacy as a single mom. Right now my approach is comprised of a $500,000 term life policy and a policy for my son that will allow him to have $1M when he retires if I keep on track with this plan.
However, it’s now 2015, I am completely divorced, I have a different job and my needs have changed. It’s time to reevaluate my needs. I trust Pivot to help me made the best choices for my goals and my budget. Will you?
About the author: The author is a guest blogger who volunteered to write about her experiences because of her belief for life insurance to financially empower single moms. She is a blogger, a marketer, and a lover of her son, cats, and coffee. You can find her on Twitter rambling about life.