The nsurance coverage needed for a single parent…

I have a discussion with my agent friend today on the insurance coverage and premium issue. We talked a lot of different scenario and how life stage would affect the coverage needed.

Her own life story give me a chance to learn the coverage needed for a single parent of two children.

My agent is a single parent mummy, she has two children whom she shoulder the responsibility for raising her two children. Thus, she decided to buy more Personal Accident coverage and Life Insurance coverage, because she afraid no one will have enough fund to take care of her children and support their living expense after her death.
This is because the premium for both Personal Accident and life insurance are much lower if compared to other insurance plans like medical card, children education fund policy, etc.
So, leave a big lump sum of money is essential to make her children survive and have normal life routine and continue or finish secondary school study.
But, she doesn’t purchase any children education fund or policy for her children. First, it is due to the premium cost is a bit higher and not affordable for her income alone. So, she decide to let the children to apply for scholarship or study loan when they entering the private college or government university.
What if she died before the children entering the private college or university? This strategy still applicable as she doesn’t have any children education fund for the time being.
If she still alive and able to make more earning and saving during these few years later, she might able to afford or pay for part of the tuition fee.
Even me have a living partner with me and two children, I still feel the household income level is not enough to support or do some saving for the children education fund in the future, thus I don’t purchase this type of insurance policy too.

Image via LiteracyBase Media Library.
And, I have the same strategy as my agent, just purchase more Personal Accident and Life insurance coverage. This is the more comfortable and affordable way for us to have enough coverage and have the peace in mind!