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.