Life Insurance for Single Moms -How to Know What You Need

life insurance for single moms

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Hearing that life insurance for single moms is a must may just seem like another thing to add to your to-do list. And another task is the LAST thing you need.

Or, is it?

As a single mom, no one needs to tell you that you’re shouldering a lot, especially if you have minor children at home!

From bread-winning to housekeeping to parenting, your plate is undeniably full. What’s that hashtag—#momlife, right?

Because when you’re flying this parenting-plane solo, most responsibilities are up to you (if not all of them).

What does the future look like for your children if you were suddenly taken out of the scenario, in the event of your untimely death?

Who would care for your children?

These thoughts may leave you worried about where to start. But, we’ve got you covered. When it comes to life insurance for single moms, here’s how to know exactly what you need.

Why Life Insurance for Single Moms Is a Must

There’s an enormous misconception floating around out there that only married parents need life insurance.

Which, is baloney! 

In fact, NerdWallet even suggests that single parents may have a greater need for life insurance than those who are married.

Here’s the deal, if someone financially depends on you then you need life insurance.

As a single mom, your children depend on you.

Regardless of the other biological parent’s status, you are the “it” parent. 

Consider all the things that you provide for your kids—daily meals, housing, clothing, extracurricular activities, schooling fees, health insurance, etc.

Should you suddenly be taken from this world and ultimately removed from your role as a single parent, who is going to cover for all of these things?

Well, with some very affordable term life insurance for single moms, you are—beyond the grave, literally. 

That’s right.

Life insurance allows you to take care of your family even when you’re not in the land of the living. 

But, how much life insurance coverage do you need?

How to Know the Amount of Coverage You Need - 5 Tips

Doing the math to figure out what kind of a life insurance policy you need may be overwhelming. This is where an experienced life insurance broker can help. 

In the meantime, here are five tips on how to determine the amount of coverage you need:

1. Who Financially Depends on You?

First, who actually depends on you to financially provide for them?

When you consider your dependents, also think about their ages.

If your children are young, you may want to purchase a policy that will extend to their adult independence (usually 18-years of age).

Also, don’t forget about things like potential caregivers for young children or high school fees for older children.

2. What’s Your Income? 

Another area that you’ll want to examine is your income.  

Why?

Basically, life insurance death benefits for single moms are available to help replace things like your annual income.

All the things your income currently provides for your family will still need to be provided somehow...even without your income.

Knowing your lifestyle and anticipating any changes in the case of your demise will help you to choose the right life insurance policy.

3. How Much Debt Do You Have? 

Debt is not usually fun to talk about.

Yet, it’s important to know exactly where you stand in your personal finances. 

Take an honest look at your financial situation and spending habits.

Write it all out on a ledger if you haven’t already. 

Note things like car loans, mortgages, students loans, personal loans, credit card debt, etc.

Remember, not all debt simply disappears after your death.

Some debt gets passed on to the remaining family.

It’s good to know what will happen to your debt after death.

Also, sort your debt into categories like secured and unsecured loans, for example.

A life insurance broker can help you figure out what debt will get passed on to your family, too. 

4. Why Are You Getting Coverage?

This may seem like a no-brainer.

Yet, life insurance for single moms has many different intended purposes. 

For example, single moms with toddlers at home tend to get more coverage and for a longer time frame to cover childcare needs.

On the other hand, single moms with teenagers often buy life insurance to help their children cover the cost of college tuition.

Because no one knows exactly what the future holds, it’s a good rule to err on the side of more coverage, according to SmartAsset.

5. How Much Can You Afford?

This point is typically a huge determining factor in whether or not many people even purchase life insurance.

Mostly, because so many people falsely believe life insurance is too expensive. 

Thankfully, term policies make life insurance for single moms very affordable.

In fact, term life insurance is a single mom’s best friend (but more on that in another post.)

Nevertheless, consider your budget in terms of how much coverage you can afford.

Teamed with the other tips listed here, you and a skilled life insurance broker can find the right policy for you. 

Take the Next Step

Life insurance for single moms isn’t a luxury like some people may lead on.

It’s important for your children as well as your peace of mind, helping to safeguard your family’s financial security.

For that reason, I’ve created an up-to-date guide for parents who need life insurance here. My guide can help you with your long term life insurance goals, especially with little kids at home!

Here at CB Acker Associates, we want to help you take care of your family. If you’re ready to find a policy that fits your needs and your budget, we can help!

With access to all the top rated life insurance companies, we work extra hard to get you the best life insurance rates possible. You can even compare rates and benefits from over 40 providers with no obligation to buy here. Plus, it’s fast—under 60 seconds kind of fast.

Please, give us a call today at 650-969-5844 or email [email protected]

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