Life Insurance For Single Moms: Your Greatest Responsibility

Written by Jason Fisher

This is the third installment in our Life Insurance for Moms series. If you haven’t read the first few, please click the link below to view it:

Not everything goes right in every relationship, and sometimes there’s even a child or children involved. Not only does it become a strain on the relationship between the parents, but it becomes a financial strain and the struggle to keep your head above water suddenly becomes a sole responsibility.

If you find yourself in this predicament, you obviously have to take a new priority for your financial spending, and the importance of some bills and purchases begin to override others quickly. Life insurance, just happens to be one of those primary expenses you’ll need, but it’s often overlooked.

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Life insurance is one of the most important purchases that you can make, especially as a single parent. As the sole adult in the family, your income and protection is one of the most important things. Life insurance is one of the most common purchases that single moms forget to buy, but that could be one of the worst mistakes that you ever make for your loved ones.

We know that finding the perfect life insurance plan can be a difficult search, but it doesn’t have to be. Our agents are here to help make the process as quick and straightforward as possible. This article is going to explore the different options and components of buying life insurance as a single mom.

Life Insurance For Single Moms

As a single mom, you’re joining a community of over 10 million mothers if you are trying to survive with one or more children under the age of 18. Considering there are over 5 million mothers who are stay at home moms, there’s a good chance a lot of the newly separated mommy’s find themselves in a financial struggle quickly.

Even worse, not all single moms even get the meager amounts of child support required, so they need even more dollars to get by. So how is taking on an additional bill like life insurance even a consideration?

life insurance for single momsConsider this: what if you weren’t around and suddenly the child or children you were already struggling to care for no longer had any financial support? What would happen? Where would they go? Who would care for them? How much would it cost? Could their new family possibly afford to take care of them the way you would want? Would they have to move and start all new lives?

Life insurance for single moms is not a fun topic, but it’s simply a massive responsibility too many mommy’s haven’t taken care of yet. If you die prematurely, your kids are going to need money for:

Whether you are separated, widowed, or there just was never any stable father in the picture, you are the one your children look up to for all these things. How are you making sure, whether you’re here or not, they will get everything they need and deserve?


What A Single Moms Life Insurance Covers

It goes without saying a single moms life insurance covers the basic necessities to provide for a child. Things like food, shelter and clothing as mentioned above, but there are some other things not on the list which a policy will assist your children with.

First and foremost, it’s going to take care of you. Your final expenses, both for medical expenses and funeral, are not inexpensive to say the least. If you don’t have any life insurance in place, the quality of your funeral and the bills you leave behind might be the last thing your children want to remember you by.

For your child, it’s going to provide time, it’s going to provide necessities, and it’s going to provide opportunity. Life insurance is an action of love showing your care for your child’s future lifestyle. It shows you were willing to sacrifice  little now to give them everything they want down the road.

By not being held back financially, you are giving your children the means to live the lifestyle they were accustomed to. You’re giving their caretakers the chance to give them what they need or want. You are giving them the opportunity to the life every parent wants for their child, like play sports, go to college, or maybe even have a vacation, all things which cost money.

The Cost Of A Child

If you are the single mom to a child who is still very young, you’ll need to consider the cost it takes to raise a child from infancy to the age of majority.

By the numbers, on average, it takes (depending on your income and spending) between $150,000 and $300,000 to raise your child to 18! That’s an extraordinary amount of money and responsibility to have to think about. Are you prepared to leave a quarter million dollar debt to someone else to look after you child?

By comparison, if you were a 25 year old female in good health, paying for a $250,000 life insurance policy would cost you $2,430 over 18 years. That’s not $2,430 per year, it’s the cumulative total! You read it right, only $135 per year and you would be able to provide for your child all the necessary funds from infant to 18.

It’s a small price to pay to keep a sizable amount of life insurance on yourself to make sure your children are protected.

Getting Affordable Life Insurance As A Single Mom

One of the most common reasons that single moms don’t buy life insurance is because they assume that they won’t be able to afford a policy, but in most cases, this couldn’t be further from the truth. There are several ways that you can get cheaper life insurance to give your children the protection that they need.
The first thing that you should do when you’re looking to get cheap life insurance is cut out any tobacco that you lose. If you’re listed as a smoker on your life insurance application, you’re going to pose a greater risk to the insurance company, which is going to translate into much higher premiums for your plan. In fact, smokers are going to pay twice as much for life insurance versus what a non-smoker is going to pay.

The next thing that you should do to save money is by improving your overall health. Before the insurance company approves your application, they are going to require that you take a medical exam, and the results are going to play a huge role in how much you pay for your coverage. If you want to save money, you’ll need to save money through a healthy diet and getting regular exercise.

The best way to secure the most affordable life insurance policy is to work with an independent insurance agent. Unlike a traditional life insurance broker, independent agents work with dozens of highly rated companies across the nation, which means they can bring all of the best rates directly to you. Because every insurance company is different, all of them are going to give you different quotes based on their medical underwriting and rating system. Instead of wasting your time calling dozens of companies yourself, let one of our agents do all the work for you and bring the best rates directly to you. No hassle. No mess.

So, no matter if you’re older and need coverage or you’re looking for affordable life insurance for young adults, we can help!

Provide More For Your Children

If you’ve made the decision to own life insurance for your children, there’s one more thing you should consider. Provide your children with not just funds, but directions on how to use it, or when to use it.

This might require legal documents, such as a will or trust, and it will likely require someone other than the child to monitor and disburse the funds accordingly. Keep this in mind when you purchase your life insurance policy because you will need to make certain the beneficiary is listed correctly.

Listing your children, if they are minors, as a beneficiary can cause some unwanted long term headaches. Appointing someone you trust, with instructions they have to follow by law, is probably a much better way to circumvent the issue at the source.

You can restrict how much money is disbursed, when it’s disbursed, and what all it can be used for as well. Obviously, if there is a lump sum of cash readily available for your heirs, you’ll want to instruct them so the money is used exactly how you intended, and to make sure it lasts as long as it’s needed.


Continue to follow along this month as we discuss in life insurance in different situations for parents, single and divorced, and family plans.

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