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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
January/February 2025
Unmarried with Children
According to the 2023 U.S. census, one in four parents were unmarried, a sharp increase in recent years. More parents also have unmarried partners than in the past, which doesn't change the fact that most parents — especially single ones — should have life insurance.
The Situation
Unmarried couples living together with their families have the same life insurance needs as married couples. And while there are a few different types of life insurance, they all share one ultimate benefit: The person (your significant other) or persons (children) named as your policy's beneficiary will receive the same financial benefits as families headed by married couples.Unmarried couples can name each other as beneficiaries if they can prove they have an insurable interest in each other because they provide financial or other support. Then, if the unthinkable happens to one of them, the other could keep their financial ship afloat with life insurance proceeds.
In contrast, single parents living with their minor children but without a partner have to depend on themselves. They likely need life insurance and legal documentation that addresses their children's care if the other parent is out of the picture.
Determining Your Needs
How much insurance will you need? It depends on how many children you have, if they would need childcare, whether your surviving spouse or partner intends to work, and more. Working single parents may have access to life insurance through their employers.In many cases, they may need more insurance than is available through the workplace. You can work with an insurance professional to determine how much and what type of insurance is best for your situation.
There's a life insurance policy for everyone. If your budget is tight, purchase what you can through an employer, who likely offers group life insurance at a lower cost than individual insurance.
You might start with term insurance, which is pure life insurance. This type of insurance does not build cash value and premiums increase with time, but it does offer the all-important death benefit. You might look for policies you can convert to whole life insurance, which can accumulate cash value and features premiums that remain the same should your financial situation improve.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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