At Term life Done Right we do our best to insure people for what they need. No more no less. If you are a Single Parent you have to Life insurance. Your amount? Depends on your situation.
What would happen to your children if you were not around? This is the major question that you need to ask yourself. It is a tough question to ask, however it is one that you need to look into.
Ask your self what is my plan? Will they
- Live with your Parents?
- Stay with Ex if that’s an option.
- Live with Family? Friends?
If you do not have life insurance for your children it could be a financial hardship on the people taking care of the kids.
Adding life insurance can make all the difference for that child. If they can stay in the home, and keep their environment the same, this would help in transitioning to their new life.
I strongly believe that single parents should look into term life insurance. With term life insurance Single Parents can get the most bang for the buck. Term Life Insurance allows you to get coverage for the years you need it. This is usually up to the age of adulthood or college.
A 35 year old Female in great health can get a 500k policy for as low as $12 a month, no exam. People are busy and don’t like needles, luckily there are options. Is this the right policy for you? Maybe, it really depends on your situation.
The way I calculate is this; your income times how many years that you need to replace. If you child is 3 and you would like him/her to go to college. You would look at replacing 21 years of income. If you make 50k a year that would be 1 million dollars.
Or you can add the monthly income you bring home from that 50k a year. Lets say you take home 30k, use that number. 30k times 21 years. 630k
Being a single parent I will assume you do not have a big savings. Do you need or want to add college tuition? How about adding any other debt that you would like paid, home cars etc.
I will look at the bare minimum that above Single Parent would need. 630k policy for a minimum for 20 years. The 20 years will allow your youngest to get through college. Using the same factors, 35 year old women in great health. $21 a month! For very little money you can protect your kids.
Single parents are in a lot tougher spot and need life insurance more. You have a tight budget little time. I understand I am a 24/7 single parent. I take care of all the financial needs of my child. In many cases you are the only one taking care of your kids. And if you do not look out for their future who will?