Being a single mother is a lot of work mixed in with an endless stream of joy and memories. On top of the daily challenges, one thing that is universal for single mothers is that your children are depending on you as the one and only breadwinner in the household. What would happen if you were suddenly no longer around to provide for your children?
While a terrifying question for any parent, the answer brings up a serious dilemma. According to a recent Genworth white paper, unmarried parents are significantly less likely to purchase a life insurance policy than their married counterparts despite the greater need for coverage. Also, due to the still-present wage gap, it's been recently determined by the National Institute on Retirement Security that by the age of 65, women have an 80 percent higher probability than men of living in poverty. Both of these facts only drive home the necessity of retirement planning and the purchase of a life insurance policy for single mothers.
The Best Life Insurance for Single Mothers
According to CNN Money's latest estimate, the average cost to raise a child in this country is $245,000. Be warned - this doesn't include the cost of college and is a regional estimate based on a middle-income couple. If you live in some urban areas of the country, the cost can reach close to half a million dollars, before college. A life insurance policy is one of the best ways to ensure that your children's financial future remains protected should something unforeseen occur.
No one expects to pass away in their prime and discussing the possibility is unpleasant for nearly everyone. However, it does happen, and a hastily assembled GoFundMe page isn't going to cover much beyond burial expenses, if that. A proper life insurance policy can ensure that your children can maintain their standard of living until they reach adulthood and have money for college.
Affording a Life Insurance Policy
When you look for the best life insurance policy for you, consider getting a term policy. These are very affordable and are less expensive the younger you are when you purchase the policy. You'll want to do a needs assessment to figure out how much life insurance you require. Get enough coverage to pay for burial expenses and then to take care of your children and pay a guardian until your children reach adulthood. Figure out the amount of your lost income, child care expenses, and college tuition. Once you have a life insurance policy, keep it current and avoid the temptation to cut this item from your budget.
If you're a single parent, your children are relying on you as their sole source of support. It's never pleasant to think about death, but not making proper preparations by purchasing life insurance is irresponsible. To ensure that your children are provided for and able to fulfill their dreams, look into a life insurance policy; try our easy term life calculator to get started.