As a single mom you’re probably already juggling 1,001 tasks while working and caring for your children. Having a full schedule can make it easy to push financial planning for both you and your children’s future to the bottom of your to-do list, but if you have a few spare minutes today use the time to look at your life insurance options. It’s one of the most important planning tasks you can do to protect your children’s future.
Single moms and life insurance—A unique situation that requires extra planning
You’re probably wondering why life insurance is so important for single moms and that’s a great question! Being a single mom is a special situation where the unique benefits of life insurance can help you protect your family, even if you’re not there to look after them. Let’s take a look at some of the scenarios that make life insurance an integral part of financial planning for single moms:
You’re the primary care provider
If you’re a single mom who cares for your kids for the majority of the week then there are two main reasons that make life insurance essential: accommodation and care provision. Ask yourself this: who will look after your children and where would they live if you were to pass away unexpectedly?
A life insurance policy can provide a cash lump sum that will pay for the care of your kids by the chosen guardian until they are financially independent. Without the money from a life insurance policy would their guardians be able to afford to keep a roof over their head or maintain their current standard of living? What about the dreams you have for their future??
You aren’t the primary care provider
Even if your kids don’t live with you full time your partial custody and financial contribution to provide for their needs is still essential in maintaining their lifestyle. If your children rely on you financially then at a minimum you should consider a life insurance policy that replaces your income until they reach financial independence.
You’re the sole care provider
If you’re a single parent solely providing for your children then you alone have the responsibility of planning for both their the long-term financial and care needs. As a single mom the thought of passing away and leaving your kids alone and financially vulnerable is a devastating thought. The first thing you should do is to plan for who will provide their care in your absence. The second essential step is to plan for their financial needs by assisting the new guardian afford to look after them. Do you have enough savings to leave a cash payment to cover these costs? If not, life insurance can help.
Choose Term Life insurance to provide for your loved ones
Term life insurance plans offer short-term coverage that will provide a financial lump sum to help your children’s guardian pay for their care until they’re old enough to look after themselves. A term life plan can match how many years of coverage is required for the period of risk for your loved ones. Term life insurance provides a guaranteed level premium for the length of the policy term allowing you to budget for the financial protection of your family. Term life insurance is a simple and affordable way of protecting your loved ones financially if you pass away while they are still young.
You show your children everyday how much you want to protect them. Show them again by learning more about how term life insurance can provide financial protection for your children. Call one of our licensed life insurance agents or use our online, quote form, today!