Those stick figure decals for your rear windshield are customizable for a reason. After all, there are a LOT of different ways to draw the modern American family, and with 13.7 million single parents raising 22 million kids in the U.S., a household with just one adult—AKA, tall stick person—is hardly an uncommon picture.
Despite the numbers, though, we seem to have some pretty different thoughts about how married parents and single parents should prioritize their spending. According to the 2018 Insurance Barometer Study (an annual survey conducted by LIMRA and Life Happens), 85% of respondents believe that someone who is married and has one or more young children should have life insurance. However, only 63% of the same group thought a single person with one or more young children needed life insurance.
Of those 13.7 million single parents mentioned above, approximately 5 out of 6 are mothers, and at Our Life Covered℠, we encourage EVERY mom to join the growing movement of women choosing to better protect their families with life insurance. However, if anything, it may be even more important for single parents to consider life insurance coverage. Let’s talk about why.
Great love, great responsibility
Sure, amicable separation and expert-level coparenting are possible, but typically, if you’re a single mom, your kids rely on you for…well, almost everything. You’re the one—probably the only one—packing lunches, kissing boo-boos, helping with homework, running endless errands, navigating tantrums, cheering at soccer games, snuggling away bad dreams, and somewhere in the midst of all that, you’ll need to find time and energy to earn a paycheck.
As exhausting as all that may be sometimes, it can also be really rewarding. You can absolutely live your best #momlife and create an amazing childhood for your kiddos without a partner. However, as unlikely as it may feel, and as awful as it may be to think about, single parenthood could leave your family under an additional layer of vulnerability if something were to happen to you. Life insurance may be a way for you to help continue taking care of your children financially even after you’re gone…and that’s a pretty beautiful expression of a mother’s love, right?
What about child support?
Fair question. In a perfect world, kids would have the financial support of both parents even if they only share a home with one of them. However, in reality, less than half of custodial parents have a child support agreement in place…and the average amount that’s actually received per child is only $329/month. The average cost of raising a child from birth through age 17 (based on a recent report from the U.S. Department of Agriculture and inflation estimates) is $284,570. That breaks down to roughly $1,395/month…and it’s important to note that this number doesn’t include contributions to a college fund.
It’s pretty clear, then, that child support funds alone typically don’t make much of a dent in the cost of housing, clothing, food, childcare, education, etc. The income of the primary household earner (that’s you) is so important to your family’s quality of life. While there’s no real way around the fact that losing a parent unexpectedly is emotionally devastating, having life insurance coverage that may help replace some of that income in the event of a tragedy could provide an element of much-needed continuity for your kids during a dark and difficult time.
What about my wallet?
OK, so let’s say all this basically makes sense…you get why a single mom might need at least as much life insurance as a married mom. But while you may be totally rockin’ it as a single parent, that whole single paycheck thing may feel like a big problem when it comes to adding new expenses. The good news is, life insurance may not be quite the blow to your budget you’re expecting!
In the most recent Insurance Barometer Study, 63% of respondents who don’t own life insurance listed “it's too expensive” as the reason for their lack of coverage, which suggests that cost may be a major purchase barrier. However, in the same study, it was revealed that on average, people thought a $250,000 term life insurance policy for a healthy 30 year old would cost three times as much as it actually does. For Millennials, that gap between perception and reality was even higher…44% of that demographic overestimated the cost at over five times what it actually is.
Our Life Covered℠ offers competitively-priced term life policies and compassionately-delivered advice designed to help women with a wide range of budgets better protect their families. If you’re a single mom who wants the peace of mind life insurance may help provide, but you just don’t think you can afford it, we invite you to grab a fast, no-obligation quote right now…you might be surprised by the results!
Once you’re ready to move forward, we’re here to help guide you toward a policy that’s a good fit. We understand that time is a precious commodity for moms—especially single moms. That’s why our agents are available via phone (888-828-9760), text (636-590-7416), email, and live chat, so you get a life insurance shopping experience that’s flexible enough to work with your busy schedule. We know you’re awesome at taking care of things on your own…but this time, you don’t have to!
Want to learn more about life insurance and talk more about how to work toward a longer, healthier, more financially secure life? Follow us on Facebook, Twitter, Instagram, Pinterest, and LinkedIn, or send us a message directly to join the conversation.