What Will Happen to My Kids Should Something Bad Happen to Me?

 

The future is uncertain. No one knows what will happen in the next hour or even in the next few seconds of our of life.   I am writing a blog now with the goal of finishing it in the new few minutes.  But who knows what will happen in the next few seconds. I might suffer a heart attack and die or be very sick.

I don’t want to sound pessimistic but this is reality.  This is a fear that most single moms are facing. As these thoughts linger, anger and sadness envelopes me and I can’t stop from crying again as past events vividly cross my mind.  As a single mom, my thoughts are only for my kids’ future.  What will happen to my kids if something bad happens to me?  Should I get sick, who will take care and provide for my children?  If I perish, what will happen to my kids? 

Will my ex-husband take them?  Will he drive them to school and take them to medical appointments?  Will he have the patience to do the things I am doing for my kids?  Will he nurse them back to health should they contract the flu?

Last Will and Testament
This thought and the fear that goes with it drains me. Then I remembered a quote I read by Joseph Campbell, “We must be willing to get rid of the life we’ve planned so as to have the life that’s waiting for us.” Prayers and this quote motivated me and gave me the wisdom to do something and quit thinking of negative thoughts. 

Though I dread the thought of death, I forced myself to write my last will and testament.  I nominated the guardian for my children.  I indicated my beneficiaries for the little material things I have and specified other requests and instructions.

Insurance
I explored life insurance.  I realized that a life insurance is an excellent approach to managing my finances today and the coming years.  An insurance serves as an assurance that my kids will have money should I pass away and it could also be a means for building wealth. 

A life insurance can have an investment component that increases in value over time as payments are divided between the life insurance policy and the death benefit. Contrary to common belief, life insurance policies are not expensive.  In fact, some can cost the same as paying a monthly landline phone bill.  We just need to do some research to find a policy that is best suited for our situation and financial means.

The basic information that you need to think of is how much you need to cover.  The death benefit should cover your income in the years your children need it in your absence. Decide how much money is needed for your kids to maintain their quality of life until they reach adulthood.  Include expenses such as child’s illness and education expenses.  If the cost is beyond your means (at the moment), consider a term policy.  A term policy will provide you a death benefit covering a set period of time without the investment component.

The fear of what will happen to my kids should something bad happen to me still visits me every so often but I need to shove this away and think of more pleasant things.  Life is uncertain but there are ways to prepare for the uncertainties.