Child Life Insurance Chicago IL
Reader’s Question:
I am a single parent in Chicago IL and I want to purchase enough life insurance to guarantee that my minor child is cared for if I should die suddenly. How do I handle the “beneficiary” designation? What steps would I take to be comfortable in knowing that my child would benefit from the life insurance proceeds?
Mary
Chicago, IL
I have known of many situations where single parents in Chicago, especially single Moms, are treated more or less like outcasts. This results to having no one that they can actually trust with the care of their children.
In your case, say for example having a life insurance proceeds of $100,000 that goes wherever, can be enough worry to think about. I see the point that even if the single parent has responsible parents, “money” can always change a person’s personality.
The best option you can do is to establish an irrevocable trust and make the trust the beneficiary of the life insurance policy in Chicago IL. This way, you will be certain that the proceeds you paid for would definitely be a benefit for your child.
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