A single mother’s worst nightmare is a new monthly expense, but she also knows that the safety of her children must come first. Here’s where life insurance comes in—it’s an extra cost, sure, but it can give you some much-needed relief.
If you’re still unsure about buying your first insurance plan, we’re here to help you make the right decision. Here are five reasons why life insurance is so important for single moms:
Stay-at-home mothers take on a variety of essential roles
There is a common misconception that only the breadwinner in the family needs life insurance, but it is also a good idea for stay-at-home mothers to have coverage. Single, stay-at-home moms’ contributions to the home are worth an annual salary of over $162,000, according to a survey by Salary.com.
It would be exceedingly expensive for your loved ones to hire someone to take care of even a small portion of the responsibilities you currently shoulder. Therefore, purchasing your own life insurance policy is highly recommended.
Women typically receive a discounted rate on life insurance
An interesting and sometimes overlooked truth is that women typically pay much less than men for life insurance. Due to their generally higher life expectancy, women are a safer bet for life insurance firms. Moreover, life insurance premiums are more affordable when purchased younger because of the decreased risk involved.
Life insurance is essential, but it is especially crucial for mothers because of their vital role in their families’ daily lives. Ask us for a quote, and you might just be surprised at how reasonable life insurance policies may be. Moreover, you won’t believe how conveniently the monthly payment fits into your financial plan.
It will provide your kids a head start when they become adults
Many young adults rely on their parents for financial assistance as they enter adulthood, from securing their first residence and job to getting married and having children. If you are not there to aid your children physically, the money from your life insurance policy may be just what they need to become independent adults.
A parent who names a minor child or children as the beneficiary of a life insurance policy must take steps to safeguard the funds until the kid or children reach a certain age of maturity, such as appointing a caretaker or establishing a revocable living trust. Once your kids reach that age, they can start making decisions about their future and their own financial stability.
Working mothers might need some additional life insurance
It is more crucial than ever for women to be insured, as most modern households require both partners to work to make ends meet. You and your ex-spouse or partner should talk about whether your family could live comfortably on only one income before deciding to purchase life insurance. If you both agree that a single income isn’t enough, then it’s likely that you’re better off with a policy that covers everyone in the household.
There is also a good chance that the amount of life insurance offered by your employer is only equal to one or two years’ worth of pay, which isn’t nearly enough to cover your financial needs in the long run. If you have young children, the expense of living may cause you to need as much as 10 to 20 times your annual earnings. Employer-provided life insurance is a great perk if it’s free, but it shouldn’t prevent you from getting the additional coverage you need to feel secure.
It will help you leave a financial legacy for your loved ones
Single mothers should consider about purchasing life insurance for their children as well. By purchasing life insurance, you may ensure that your family will be protected financially in the event of your passing.
Consider the ripple effect of providing your offspring with the means to start their adult life debt-free. Imagine the opportunities that will open up to your children and the lessons they will be able to pass on to future generations if they can get a college degree without being buried in debt.
Franklin Life and Annuity has been helping single moms all over Houston, Texas get the best life insurance coverage for their loved ones. Our team considers every client’s health, family, lifestyle, and financial situation before creating a unique solution that meets their needs. Our life insurance and final expense insurance services are all you need to ensure your loved ones have financial protection in case you die unexpectedly.
Get in touch with us today to learn more.