Single mom life insurance might not be at the top of your list of concerns when you are raising a child on your own; however it is a critical component for protecting your offspring.
While dealing with the tasks of maintaining income, providing for your child’s educational needs, and providing a safe living environment, it is important to consider what would happen if you were no longer around to care for your child. Purchasing term life insurance can be a simple way to ensure that your child has a stable future and the greatest chance for success in life.
Why Purchase Term Life as a Single Mom?
Although facing the prospect of purchasing life insurance can seem daunting, you are not alone. In the United States, about 15 million moms are raising children without the help of a spouse or significant other. There are several aspects of term coverage that make it an appropriate choice for mothers who assume the sole parental role for their children:
- Reliable financial protection. If you passed away, you would need to provide your child’s caregivers with the funds necessary to take care of her basic needs, such as food, clothing, and medical care. You would also need to provide funds for educational expenses, as well as for trips and other experiences to make her childhood fulfilling. If you do not have several hundred thousand dollars in the bank, it could be difficult for your child’s caregivers to give her a fulfilling childhood without life insurance coverage. A term life policy offers a reliable means for caregivers to receive the funds necessary to raise and support your child.
- Simplicity. When you’re faced with the wide range of tasks that come with being a single mother, finding the time and mental focus to understand complex insurance policies can be difficult. Term life is a simple insurance product that requires little research or knowledge of the life insurance industry. Unlike whole life, it does not require you to understand cash value, investment strategies, loan provisions, or dividends. It simply provides a stated death benefit to your beneficiary if you die while the coverage is active. For busy moms, the simplicity of term life removes many of the perceived barriers to obtaining financial protection for your child and his caregivers.
- Cost effectiveness. If you’re like many single mothers, every penny counts. After your bills are paid, most of your remaining income probably goes to school activities, groceries, transportation for your child, clothing, and other purchases necessary to give your offspring a safe and happy childhood. This means that you might not have much income left over for life insurance. Because term life costs a fraction of what you would pay for whole life coverage, it can be easier to purchase financial protection for your child without straining your budget.
Purchasing Single Mom Life Insurance
Because cost can be a significant concern, obtaining quotes for several term life policies is essential for getting the best value for your money. You can use an online quoting site to quickly and easily find and compare coverage quotes. You will only need to submit a single online form, instead of having to complete a separate form for each quote. In many cases, you can receive quotes for several term policies within a matter of minutes.
Of course, it is important to determine how large your death benefit should be. Consider that the average cost of raising a child to adulthood in the United States is about $250,000. If you plan to fund your child’s college expenses, the cost can be significantly higher.
Naturally, the cost of term coverage will be relative to the amount of your death benefit. Purchasing a policy with a $250,000 death benefit will be 10 times the cost of a policy with a $25,000 death benefit. Still, purchasing the right level of protection is well worth the cost to give your child a reliable financial future.
You must also consider the length of your term policy. If you have a newborn, you will want to provide coverage at least until the child reaches adulthood. This means that you should purchase a term life policy with a coverage duration of at least 20 years. If your child is older, you might be able to purchase a policy with a shorter term – for example, if your child is 10 years old, you might opt for a policy with a 10 year term. All other factors being equal, a shorter term policy will cost less than a longer term policy.
Shopping for single mom life insurance is rarely an enjoyable task. By opting for term coverage, though, you can get the coverage you and your child need quickly and affordably – you can leave more room in your budget and more time in your day for spending with your child.
