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Reply to "How much life insurance do I really need as a single parent?"
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[quote=Anonymous]Enough to: A) Either pay off the mortgage on the other parent's house (including your retirement savings) and/or B) Fully fund college for each child in a trust. Assuming your mortgage is $400K (low for this area but a stable one for practically anywhere else in the country) - you should have a life insurance policy of at least $500,000. If you have 2 kids, that means each one gets $250,000 in a trust to be used for college or their first house OR your other parent/guardian can use at their discretion but I'd see if it could go to housing and care for the children first. Not sure if you can stipulate what the death benefits in a life insurance policy should be used for...unless maybe the beneficiary is a trust and the trustee has explicit instructions. [/quote]
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