A recent study published by LIMRA (an insurance industry trade association) found that nearly two thirds of single mothers had some kind of life insurance in place, but that only a third of those who had coverage believed they had enough to provide for their families. The authors of the study were actually surprised to find so many single moms with coverage (compared with 57% of women in general who have life insurance).
Our recommendation is that you have term life insurance that amounts to 8-10 times your annual income, whether you’re a single mom or not. You also need to factor in potential future expenses like college or taking care of debt (like a mortgage). The good news is that term life insurance is probably cheaper than you realize. We recently submitted an application for a 42-year-old mom who wanted to get $500,000 in coverage for 10 years, and the quoted premium was around $21/month. Obviously every situation is different, but the point is you could help protect your kids’ future for about the price of taking them to lunch at Chick-fil-A.
If you’re a single mom (or not), we encourage you to contact us to get a quick, no-hassle quote on term life insurance.
