Variable Universal Life Insurance Giving Single Parents the Options They Need

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You’re a single parent, and no one works harder than you to make sure your “I”s are dotted and your “t”s are crossed so that your children have what they need and many times what they want. You’ve taken on the roles of chauffeur, cook, nurse, teacher, counselor, maid, and the list goes on so that you can be there for your kids physically, emotionally, and financially.

You’re undoubtedly finding out that the older your children get, the more the needs and the more expensive the needs, which makes being a single parent even more challenging. Schools now rely more on computers and iPads and assume your children have access to them. But with the advancement of technology comes the advancement of prices. In addition, your children become more conscientious of the types and brands of clothes they wear, which come with higher price tags as well. After-school clubs, sports, and other activities require money for this and money for that. These increased expenses don’t even include the increase in your children’s appetites, which never seem satisfied.    

Whether you want them to continue in the lifestyle you’ve given them and/or you want them to have a better life, one thing is for sure—they can’t do it alone. They need you now, and they’ll going to need you later. However, if you passed away prematurely, what would happen to them?

The good news is that you have options, even as a single parent, but you need to start making preparations now for what could happen. One way to do this is by purchasing a life insurance policy on yourself. Even if the thought of adding one more expense to your plate is challenging, the alternative will be more challenging to your children. They’ll still have needs after you’re gone, and without a financial tool in place to meet them, their lives could become even more devastating. Losing you will be the most difficult thing they’ll have to confront, but a life insurance policy can assure that they want lose everything else.

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If you’re a single parent on a tight budget, you may want to consider a variable universal life insurance policy. First, it’s a permanent policy that doesn’t lapse or need to be renewed, but the premiums are less than other types of permanent life insurance policies. Secondly, premiums are flexible, so you can set your premium’s amount and the frequency you want to pay them. You can start with the minimum premiums and increase them later on if that will make it easier for you now. Thirdly, if for some reason you can’t make the monthly premium payment, then your cash value will. That way, you don’t have to worry about your policy lapsing from lack of payment. Just keep in mind that part of your premium gets invested in a variety of investment funds, so the bigger the premium payment you make, the more your cash value, and the faster your investment grows. 

Then during those times when the unexpected happens, such as the alternator in your car dies, you have the option to borrow against your cash account in the form of a loan. This type of policy can give you the peace of mind that your children’s needs will be met after you leave this earth and even help out some while you are still here.

To learn more about variable universal life insurance and other life insurance products that can benefit single parents, call and speak to one of our agents at 1-800-651-1953.

 About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities' licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s customized process and needs' calculators. You can reach Seth at 1-800-651-1953 or

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