As a Single Parent, Should You Purchase Life Insurance?

life insurance for single parents

As a Single Parent, Should You Purchase Life Insurance?

Do you remember when you first held your child in your arms and looked at her innocent face? As parents, we probably share the same memories of vowing we'd do whatever was needed to keep her safe. An inherent passion to protect our child against what can go wrong became deeply instilled within us. In fact, we wouldn't hesitate to walk barefoot across hot coals if needed to keep her from getting hurt.

Since then, we've gladly sacrificed our wants (and many times our dreams) to make sure our children received what they needed (and many times wanted) simply because we love them. In addition to ensuring all of their current needs are met, we want to set up an environment that will prepare them for the future. President Franklin D. Roosevelt was quoted saying, "We cannot always build the future for our youth, but we can build our youth for the future." One way to accomplish this feat is to help our children be prepared for the numerous variables that will crop up. This involves making plans ahead of time for the expected, and just as importantly, the unexpected, including the possibility that something could happen to us before our children become adults and are able to take care of themselves.

As a single parent, the idea of your own mortality can be hard to conceptualize, especially if your children do not have another parent involved. Brian Skinner, a physicist, conducted research that revealed one in 3,000 twenty-five-year-olds die before their 26th birthday and the likelihood doubles every eight years as you go up in age. What would happen to your children if you ended up as a statistic? Your children will still demand a level of financial support for a good amount of time such as medical care, new clothing and shoes, and the numerous activities children these days participate in. Without creating a safety net, their futures will undoubtedly change drastically, but hopefully a little planning can prevent huge devastation.


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A very wise way to guarantee your children are prepared for their financial future is by purchasing a life insurance policy on yourself, and it doesn't cost as much as you may think. Term life insurance has a budget-friendly price point and is a great starting point for parents. This investment should remain in your budget no matter how tight it is. It will meet the routine needs of your children, help them have a better chance to continue living in the lifestyle to which they've become accustomed, and make sure that they are given the opportunity to attend college or other institution of higher learning if they desire.

Even if your Last Will and Testament designates a relative, friend, or other guardian to care for your child, a life insurance policy is still necessary. It will pay your final expenses, and it will prevent your children from becoming a financial burden to their caretaker. When you realize it takes a lot more money to raise a child than it does to pay for a policy, putting this safety net in place makes that much more sense to make up the difference if someone were to ever have to fill that role for you.

Of course no one will ever be able to raise your child like you would. There's something about a parent's love that overcomes all odds, but if you're unable to be there anymore, one of the best gifts and a legacy you can leave your children during and after an intense loss is financial security.

Life insurance is an investment for your children's future, and who or what is worth more than them? They depend on you now, and they'll need to depend on you after you're gone. There's no better time than the present to learn how you can protect your children with low monthly premiums. Get your free term life insurance quote with our quoting tools, or call us at 1-800-641-1953. We'll show you how to get the protection you need for your children's futures.

About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities' licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s customized process and needs' calculators. You can reach Seth at 1-800-651-1953 or sgowdy@pivot.com.

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