Life Insurance for Single Parents
It’s obvious that life insurance provides essential coverage for anyone who has dependents. It can help provide the financial means your loved ones need to replace your income should you pass away unexpectedly. Single parents face an additional need for life insurance, especially if the other parent is providing limited or no financial support. According to Genworth’s 2011 Life Jacket Study, 69% of single adults with children are uninsured. This doesn’t have to be the case as life insurance has never been more affordable.
In many cases, single parents face greater budget constraints than most typical families. This might be one reason why so many single parents are without coverage. But did you know that a single mother aged 35 and in excellent health can get $500,000 of level term coverage for 25 years for less than $35 per month? The same coverage for a 35 year old male in excellent health would roughly be $40 per month. Think about the support that amount of death benefit could provide for your child if you weren’t around to take care of them. It could also take the burden off of the loved ones who would care for your child in the event of your death. The death benefit could provide the funds needed to pay for your funeral costs, your child’s college education fund and their living expenses until they get to an age when they can take care of themselves.
It is extremely important that life insurance planning be done in coordination with an estate plan as life insurance companies will not pay a death benefit directly to a minor. Single parents should take the time to create a will or a living trust*. These documents can be drafted to specify the guardians who will care for your children and also provide specific direction on how the death benefit can be used to support the children as well.
Are you a single parent in need of life insurance? Think about the life you want your child to have if you weren’t around to support them. We can help you find the most affordable coverage available. We have access to over 40 insurance companies and will use all of our resources to get you the best coverage option available. Please feel free to give us a call at (888) 687-9444 or email us at info@archstoneagency.com if you have any questions.
*This is simply meant to be a general guide. We do not offer legal or tax advice, so consult with a legal or tax professional before you draft a will or trust.
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
