Why Single Parents Need to Rethink Their Insurance Coverage

by | Auto Insurance, Home Protection, Pet Insurance, Travel Insurance | 0 comments

Single Parent Insurance in BC

British Columbia ranks third (behind Ontario and Quebec) when it comes to the number of single parent households in a province. But even though you may share this distinction with nearly 220,000 other BC families, you may feel alone from time to time. You have a world of responsibilities on your shoulders and often find yourself juggling concerns the size of bowling balls. While you may have current affairs in order, a big fat “what if?” hangs overhead and you can’t seem to shake it off. This is where the assurances provided by better insurance coverage can make a world of difference. Let’s review.

5 Types of Insurance Single-Parent Households Should Revisit for 2021 and Beyond

Life Insurance

It’s just you and your kids. You’re the team. While there may (or may not) be other family members in the picture, your children look to you to provide for them in every way. If an unfortunate event (no matter how rare) resulted in you not able to be there for them, you need peace of mind that they will have the available resources to thrive into their adulthood. We know that life insurance is an uncomfortable subject for many people, especially single parents, but the implications of not having a policy are much more dire. At the very least, please take the time to discuss affordable options with a broker. View more on life insurance, in addition to disability and critical illness policies.

Auto Insurance – Because They Will Be Independent Soon!

With the uncomfortable stuff (above) out of the way we can divert our attention to life’s more exciting transitions – namely the day your children are old enough to drive. It can be hard to let your little birds fly as they get behind the wheel, but you’ll find some consolation in knowing that you have updated your automobile insurance policy for the family vehicle – and perhaps their own. Speak to a broker about adding them to your auto insurance plan, and ask about added private coverage to ensure you cover all bases. For good measure, please sit down with your kids to discuss these safe driving tips.

Homeowners Insurance

This may be the most obvious. As a single parent providing for your household, your kids may be home alone more often than those of a dual parent household. Macaulay Culkin’s holiday season classic shows only the tip of the iceberg of all that can befall a home. Water damage of Titanic proportions can occur from a forgetful teen leaving the faucet open, and let’s not get started on what can happen if they try their hand with cooking in the kitchen. Whether you are a home owner, or are renting a house or condo, ask a broker to review your home insurance policy. Ensure that you’re covered for water and fire damage, break-ins, and accidents that may occur on your property as your kids’ friends come over to play.

Travel Insurance

You work hard and want to reward your tight knit family with a vacation as often as possible. But there is a lot of responsibility when traveling alone with kids, and it can be hard to watch every move they make when playing at the beach or bouncing around the hotel lobby. The financial ramifications of not being covered for injury or illness on vacation can be ruinous – especially if out of country. But with a small investment in travel medical coverage you wipe these financial (and better medical access) concerns away. When it is safe to travel, also ask your broker about COVID-19 travel insurance coverage which is now available to BC residents.

Pet Insurance – For the Other “Kid”

Having a dog or cat can add to your workload, but it can also be incredibly rewarding for single-parent households. Studies show that children who grow up with pets experience greater self-esteem, compassion, non-verbal communication skills, and learn about personal responsibility, among other positive effects. Plus – pets add more LOVE to your small family unit. Given the priceless nature of these benefits, it just makes sense to protect your pet (and your financial status) from costs and liabilities incurred from illness, injury, and damage to property. With newly available pet insurance programs, you can ensure that your other precious dependent receives the best care if they need it. Ask a broker about pet insurance today.

Consider the team at Park Insurance as your partner in protecting the peace of mind of your single parent household. We admire all that you do and are here to help.

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