Single Parent? Commit to Life Insurance Now

single parent life insurance quote

Single Parent? Commit to Life Insurance Now

If you’re a single parent, you're probably familiar with the need to be innovative in order to make ends meet while having enough time to fit everything in and giving your children the opportunities you never had.

Even as a single parent, you can give your children financial futures with affordable solutions by planning ahead. If you become unable to fully take care of them for any reason, these preparations will become exceptionally valuable. While most people greatly overestimate the cost of term life insurance by more than 300% as indicated by the Life Happens blog, it can be the most inexpensive option to secure your family’s well-being in numerous stages of their lives.

Term life insurance can be seen as a financial accountability tool within the legacy you want to leave your children. Still, too many single parents don't own a life insurance policy. Single Mother Guide lists some staggering statistics about this demographic. In 2014, mothers headed 80% of the 12-million single-parent families in the United States. Within that population, only about 31% of those single parents had life insurance.

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The decision to purchase life insurance may seem wildly ambiguous and confusing when you have to make so many other microdecisions throughout the course of your day. Term life insurance is a simple decision, though. Purchasing a policy can be made without hesitation, at least until you can further evaluate other types of life insurance products and the financial functions they can play in securing the level of financial success you have worked so hard to pass along.

Whole life, variable life, and universal life insurance each have cash values associated with the policies so they can serve longer-term needs. They can help expand your business, finance your children's college education, and/or even pave the way for home ownership. However, these options are not right for every family because these recommendations are based on net worth or income replacement.

One other extremely important insurance product that's not typically in the forefront of everyone's mind is disability insurance. While this may not seem to be a worthwhile place to invest your hard-earned dollars, it will pay for itself over and over again should you become ill or disabled and unable to work. It will ensure that your income will remain intact while you heal. In addition, it can supplement your income if you are not able to enter into the same income bracket while transitioning through the medical challenges. Just think about your role as the primary caregiver and what would happen if not only your income was taken away suddenly but if you could no longer physically take care of yourself.

These scenarios could be detrimental to your family, especially as a single parent, so taking the time now to consider your options and choosing to be prepared will relieve a great amount of financial stress. This process can prove to be a valuable learning experience if you involve your loved ones. You will continue to solidify yourself as a role model who stops at nothing to do what’s best for your family.


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

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