A Single Mom’s Guide to Life Insurance

Becoming a single parent can be scary, and you may find yourself worrying about how you’ll be
able to support your children financially. This is particularly relevant and important if you are one
of the 750,000 single mothers with young kids, who are also homebuyers each year. Whatever
happens, you would like to secure your children’s financial future and pay off the mortgage.
This guide will provide you with all the information you need to get life insurance on your own,
whether or not you have a spouse or partner to back you up.

A Single Mom’s Guide to Life Insurance

Why Do You Need Life Insurance?

As a single mom, you are your family’s breadwinner and primary caregiver. So, if something
happens to you, you must have a life insurance policy to ensure your loved ones are taken care of
financially. 
Term life insurance and whole life insurance are the two main types of life insurance. Term life
insurance is the most affordable option and provides coverage for a set period, usually 10–30
years. 
Whole life insurance is more expensive, but it covers your entire life and builds cash value that you
can borrow against or cash out if needed. 

Are You a Candidate?

You may wonder if you even need life insurance as a single mom. If you have children, the answer
is most likely yes. 
However, even if you don’t have children, there are still situations where having life insurance can
be beneficial. For example, if you are the main source of income for your family or have other
people who depend on you, life insurance can give them financial security if you die.

How Do I Get It?

You can get life insurance through your employer, but that coverage may not be enough. 

There are a few other options for single moms:
● Government programs: The Social Security Administration offers a life insurance program
for low-income individuals.
● Nonprofit organizations: Some nonprofits offer life insurance policies to their members.
● Purchase term life insurance through Bubble, whose guidance platform LifePal provides
step-by-step assistance. Bubble also offers customized life policies for homebuyers and
homeowners.

How Does It Work?

When you purchase a life insurance policy, your beneficiaries will receive a policy payout if you die
before the policy expires. The money your beneficiaries will get, either in a lump sum or as monthly
payments from your life insurance, is the death benefit.

Is There Anything Else I Should Know?

As a single mom, you have enough on your plate without worrying about whether or not your
family is taken care of financially if something happens to you. 
That’s why life insurance is so important. It gives you peace of mind knowing that your loved ones
will be taken care of if you’re no longer here.

Final Thoughts

No one knows what the future holds, but it’s essential to be prepared for anything as a single mom.
That’s why life insurance is such an important safety net. Not only will it help your loved ones
financially if something happens to you, but it can also give you peace of mind knowing that you
and your family are prepared for whatever comes their way. As a single mom with young kids and a
mortgage to pay off, and perhaps no other source of support, there is a thin barrier separating
your kids from serious misfortune.


Contact us today, or visit our website, and we’ll help you find the perfect plan.

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Pallavi Shastry
Articles: 21

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