Single Parents Need Life Insurance Too
Single parenting is tough, but you’re tougher. In addition to taking on the role of both parents for things like school activities and coaching little league, you carry the burden of cooking, cleaning, household repairs and all expenses—no small task, especially when you only have one income and want to provide a good life for your family.
It might help to know you aren’t alone in those wishes. According to a consumer survey implemented by Life Happens, 88% of single parents feel financial security is a top priority. However, a survey conducted by PacWealth Solutions shows 70% of single parents who have three children or more say they have no coverage.
Perceptions that Create This Reality
Part of the reason so many single parents don’t have life insurance could be due to the perception that life insurance is expensive. However, term life insurance is usually affordable. Term life provides coverage only for a certain number of years instead of your entire life. You could choose a coverage term that’s long enough to help provide for your kids while they are growing up in case something happens to you. Since the price of life insurance is based on your age and health, the younger and healthier you are, the lower your rates may be. The best way to find out what type of plan you need, as well as the cost, is to talk to an agent.
Another incorrect perception is that married couples need life insurance more than single parents. Although married couples may need more coverage so that the surviving spouse has enough money to replace lost income and pay off the mortgage, in most cases the surviving spouse may be able to get a job to help support the family. A single parent doesn’t have that option. A good rule of thumb is if your death would put anyof your loved ones in a financial bind, you need life insurance to help bridge the gap between income and expenses.
How Much Should You Get?
That depends. You might want to make sure there’s enough coverage to help pay for your funeral and your children’s education expenses, but you’ll also need enough to pay off your car loan or any other loans. If you have a mortgage, you might include enough to pay it off, but in reality, someone will probably sell it either way if your kids are not old enough to live on their own and will be living with family members. To help you determine how much coverage you need, start by doing some quick calculations on this Life Insurance Calculator. Then talk to a Shelter agent to help set up a plan that works for your needs.
The peace of mind life insurance provides is important for anyone, but especially for single parents. Check this off your to do list with the help of a Shelter agent, and enjoy knowing you’ve done something important for your family’s future.Share This: