Are you a single mom? Do you need life insurance? Absolutely. Find out the best way to buy life insurance for single moms.
Single moms are some of the most empowered women I know. They do the work of two people tirelessly every single day because they view their responsibilities not as burdens but as unfailing demonstrations of love. They know they have it harder than most, but they wouldn’t change it for anything else in the world.
As a single parent, it’s important that you provide a safety net for you and your kids – life insurance – to make sure your children are taken care of if you aren’t around. As a single mom (or single dad), this should be the first thing you take care of before planning for anything else. If you have gone through a divorce, you know that putting the onus on your ex-spouse to provide the monetary safety net your children may be a bad idea. If you’ve suffered the death of your spouse, you know all too well how important life insurance is in a family’s financial plan.
So as a single mother, how do you calculate the amount of coverage you need? Start with the expenses that children bring. The average expenditure on two children in a family is over $12,980 a year. As they grow, their financial needs increase. These costs will also depend on where you live. According to the U.S. Department of Agriculture’s Annual Report (2015) on Expenditures on Children by Families, a middle-income family with a child born in 2015 can expect to spend about $233,610 ($284,750 if projected inflation costs are factored in) through the age of 17. This figure doesn’t include education beyond high school. To calculate your life insurance coverage, factor in costs like college tuition and weddings. Use the term life insurance calculator to find out the ideal coverage for your situation.
If you use a company that offers competitive quotes from several top-rated life insurance carriers, like AccuQuote, you’ll find out answers to all your questions quickly. Get quotes for 15, 20, 25 and 30-year terms and compare life insurance costs in just minutes. As a young, healthy mother, you may think that a couple hundred thousand dollars in coverage is going to cost an arm and a leg. Not true! You could get covered for as little as $40 a month. A life insurance policy that adequately covers your needs is exactly what you need to give you much needed peace of mind.
Keep Reading and Learn How to Save Money for Life
Content, articles, information and opinions expressed on the AccuQuote Blog, whether provided by the authors or public visitors to the website, are provided to help consumers make informed decisions regarding their insurance needs and options. Opinions expressed in the articles are strictly those of the authors and may not represent the view of AccuQuote, its officers, employees, clients or the companies whose products are offered by AccuQuote.
The information, content, and services provided on this site are not intended to be, and should not be construed as legal, tax, financial planning, or other professional advice. Visitors to the site should look to and rely on their own professional advisors for such advice.
AccuQuote will not be liable, under any circumstances and in any way, for any errors or omissions, loss or damage of any kind incurred as a result of use of any content posted on the AccuQuote Blog. By visiting the AccuQuote Blog, you acknowledge and agree that you use the content at your own risk and bear all risks associated with your use of any content, including any reliance on the accuracy, completeness, or usefulness of such content.
See also our website terms and conditions Terms & Conditions