Why Single Moms Need Life Insurance?
Life insurance for single moms…is it worth buying?
Being a single parent can often be a challenging experience. Though you do everything that you possibly can to provide for your children, you may often find yourself wondering what would happen if you were no longer around to take care of them. Even if you already have a will or a familial arrangement in place in case of your death, you may want to consider taking extra steps to assure your children’s long-term financial security. Fortunately, life insurance for single moms is something that is widely available and can likely be accessed for less than you might initially assume.
There are currently many life insurance providers to choose from and some are even willing to provide you with an instant quote. By taking the time to compare multiple different life insurance providers—and examine the costs and benefits associated with each policy they offer—you will be able to be much more confident in your final decision.
Identifying the Type of Coverage that You Need
The life insurance policy that is best for you and your loved ones will depend on a wide array of variables. There is no single life insurance policy that is always the best option available and things such as your income, the age of your children, and the status of your children’s other parent should all be accounted for.
* Term Life Insurance Policies are the most common type of life insurance policy available. These policies last for a specific amount of time, are usually the most affordable, and are also the ones that are most likely to offer instant approval.
* Permanent Life Insurance Policies are more expensive and selective but they also offer additional benefits. Not only do these policies last for however long you may live, they offer the benefit of a “cash value” that builds over time.
* Hybrid Life Insurance Policies combine elements of both term and permanent policies in order to adapt to specific situations.
The amount of life insurance a single mom needs will typically depend on how much it would take to “replace” her income, her anticipated end of life expenses, the amount of money she wants to save for her children (for college, a car, etc.), and numerous other factors. When you add up all of these values at once, you may be overwhelmed with the figure you see on paper. Fortunately, there is no need to worry—many life insurance policies offer an excellent benefit to cost ratio.
The Benefits of a Term Life Insurance Policy
Term life insurance policies are currently the most popular form of life insurance policies. They are also exceptionally popular with single moms and single dads due to the unique structure of their families. Though you will certainly want to look into all possible options before making any lasting commitments, considering a term life insurance policy is an excellent place to begin.
* Term life insurance policies are usually the most affordable—many term policies cost less than $10/month to obtain
* Policies can be adjusted based on your family’s specific needs
* You will still have the option to expand or convert the policy in the future if needed
* The “death benefit” associated with the policy can be used to pay for end of costs expenses, personal debts, and provide your children with financial security
If you could pass on going out to dinner even just once a month, then you could likely afford a term life insurance policy without having to make any other adjustments to your current financial lifestyle.
Guaranteed Life Insurance for Single Moms
Different life insurance policies will naturally have different degrees of selectiveness. Though term life insurance policies are already the easiest to apply for, guaranteed life insurance policies provide an even easier experience.
While some life insurance policies will require a medical check and lifestyle questionnaire—seeing if you have any concerning illnesses, dangerous habits (smoking, flying airplanes, etc.), and other important details—guaranteed policies will approve nearly everyone. The benefit of applying for a guaranteed life insurance policy is that you do not have to worry about approval and you will usually be able to receive a quote almost instantly.
Though there will still likely be many other challenges you will face as a single mom, taking the time to find a quality life insurance policy will allow you to have one less thing to worry about. Life insurance is widely considered to be one of the most secure financial assets available on the open market. With the right policy in hand, you may find that it is a little bit easier to sleep at night, knowing your children will always be provided for. So, what are you waiting for? Visit our homepage and get customized instant life insurance quotes in less than a minute.