Why single moms need life insurance

If you’re a single mom, you know how difficult the day-to-day work of parenting can be. Many single moms do all the work themselves – and even if you have a co-parent or grandparent to help share the load, you’re probably responsible for managing everyone’s time, making sure everyone’s needs are met, and making all the important decisions that can affect your children.

This includes the decision to apply for life insurance. Some single moms already know the benefits that good life insurance can provide, but may not have taken the time to compare life insurance policies or apply online – even though many life insurance applications take only minutes to complete.

Other mothers may not be aware of how life insurance can help them protect their family. Life insurance coverage can help your loved ones maintain financial stability during a worst-case scenario. If the loss of your income would cause hardship to your children or extended family, life insurance is one way to cover the financial gap.

Life insurance can also help you leave a legacy for your loved ones—whether you’re hoping to help your children pay for college or you want to establish the kind of generational wealth that can benefit children, grandchildren and great-grandchildren.

All parents should consider life insurance – and single mothers, who often do the work of two parents in one, have even more reasons to apply for life insurance. Here are six ways life insurance can benefit you and your loved ones:

Life insurance can help your loved ones cover final expenses

Some families don’t realize how expensive paying for end-of-life costs can be. Ask yourself if your loved ones would be able to handle the expenses of a memorial service, funeral or cremation – and then ask yourself if life insurance would help your loved ones not only financially but also emotionally.

Knowing that there are funds in place to help your loved ones celebrate your life can help ease their grief—and keep them from incurring final expenses they can’t afford.

Life insurance can help your children continue their education

Whether you hope to send your children to college or simply hope to keep them in their current schools, life insurance can help provide the money you need to help your children continue their education.

Life insurance can also help pay for daycare or preschool, after-school child care, summer camps, and enrichment activities — all of which are important parts of childhood. Let grandparents and guardians know you have life insurance in place, so they don’t have to worry about who will cover those costs in your absence.

Life insurance can help with the monthly mortgage payment

If you are a homeowner, you know how important it is to pay the monthly mortgage. Life insurance can help pay mortgages after you’re gone If you’re considering life insurance that covers you for a certain period of time, called the term of coverage (that is, the term), consider matching your term. to the length of your mortgage to ensure you’re covered as long as you’re still making payments.

If you don’t expect your children to remain in the family home after your death, consider that life insurance can also help cover the costs of moving your children from their current home to the guardian’s home.

Life insurance can help protect your parents’ retirement

In a worst-case scenario, your children’s grandparents will likely step up and provide either primary or supplementary care – and without financial support, the cost of care could jeopardize your parents’ pension.

With life insurance in place, you can take some of the financial burden off your parents. That way, your children can get the care they need – and your parents can continue with their retirement savings and planning.

Life insurance can help your children enter adulthood

Many young adults depend on parental support, from first apartments to first jobs—not to mention marriages, births, and all the other milestones of adulthood. If you’re not around to provide the support yourself, your life insurance payout can help provide the funds your children need to successfully transition into full-fledged adults.

If you plan to make your children the beneficiaries of your life insurance, you must either appoint a guardian or set up a revocable trust to ensure that the money is taken care of until your children reach legal age. At that point, they will be old enough to take care of their own finances – and their own futures.

Life insurance can leave a legacy for future generations

There is another reason for single mothers to consider life insurance. Life insurance can help you leave the kind of financial legacy that can benefit not only your children, but future generations of your family as well.

Imagine your children starting their adult lives with enough financial stability to help them avoid unnecessary debt, for example – and think about how that could benefit their future children. Imagine how a college education can help your children find better jobs—and think about what they can teach the next generation about the importance of learning.

Having life insurance coverage in place gives you peace of mind – not just for what you can’t expect, but also for what you can. That’s why all parents – especially single mothers, who often do the work of two parents in one – should consider applying for life insurance.