how much insurance do i need as a single parent of one?

Answer 1

Depends on where you live, and what you want the insurance to do.

I'd say, assuming we're talking about life insurance here, you should get a 20 year renewable & convertible term policy, and make the beneficiary to be a trust for your child, so the father can't get control of the money, and make the limit at least $250,000. That should get them raised & through college.

Answer 2

Consider a twenty year term insurance for the best possible rate and go with the most you can afford the premiums on. It makes no sense to have a term policy that you cannot afford to pay after two or three years. In the meanwhile make sure you are contributing the max you can into your tax-free retirement fund that your child could eventually become beneficiary of or that you'll need for your own retirement years. And make sure you have a will and trust set up so your wishes are tended to and not challenged.

Answer 3

That depends on your current income, lifestyle and whatever plans you have for your child. Your best bet is to meet with an experienced financial planner, most do not charge a fee to meet with you and discuss these things because they make a commission off whatever life insurance or savings you decide on. You can also find plenty of calculators on the internet if you'd rather go it alone, but I wouldn't recommend it.

Answer 4

You have 3 good answers here already.

I will agree that you need to meet with one or more financial planners. You will also need to see a lawyer for your will and trusts and guardianship paperwork.

How much insurance (as well as what type) depends on your lifestyle, your goals and your income.

You should also investigate disability insurance.

Congratulations on planning ahead. Most people don't.