Insuring your significant other

Stop and ask yourself – can I alone afford to raise my children while working full time as a cop? Will I have enough time to raise them right between regular shift, court and overtime? Do I make enough to pay all the bills including the new expense of daycare?

During our tenure we’ve seen negative outcomes from single parent families. We have also celebrated the successes as well. But given the opportunity to plan correctly now, if your significant other dies, can you realistically carry on working as a cop while properly raising your kids?

Sure we all have family that can help out. Again ask yourself how long will they help? Do they have other needs/wants that may change up their future assistance? How old are they?

Planning for the loss of a spouse requires the same type of calculations that I wrote about in Life “Death” Insurance. Start by assuming worst case scenario and you have to become a full time parent and hang up the six shooter. Begin by assessing your “LIFE”

Liabilities outstanding,

Income needed to sustain the living standard until retirement kicks in or kids are done with high school

Funeral expenses

Education/college for the kids.

Plus it wouldn’t hurt to add a little more into the final number as your retirment formula is reduced.

This is where we can help. With a quick phone call we can help identify an amount of life insurance that will allow you to be a full time parent because of a bad day.

Remember, once kids come into our lives its no longer about what is best for us – it is what is best for them!