If you’re a single parent, insurance is probably the last thing on your mind. It can be hard enough to raise children, provide them and be there for them, as well as going to work everyday. Raising a child can be both a joy and a challenge, and securing the child’s financial future is the biggest challenge of them all.
Most people won’t rush out to buy life insurance, either. Nobody wants to think about their passing, and it’s not the most luxurious of purchases. That being said, a life insurance policy – especially for a single mom – is critical if you want to care for your child even when you’re not around.
Why do I need it?
If you’re the one and only breadwinner – i.e, a single parent – then life insurance can replace your salary should you die or become too ill to work. This way, that child who depends on you financially can continue to enjoy a good quality of life, and you can be assured they’ll be secure.
If you do die without life insurance, your children or other family members can be lumped with your credit card debt, loans and even your mortgage. It’s not exactly a huge financial commitment, either. Numerous sources, like netmums.com, agree that it’s on the cheap side of expenses. This means it’s easily affordable by giving up one small luxury a month.
This is generally the case no matter where you look, too. From comparison sites like Gocompare.com, to mortgage bundles and work benefits, it doesn’t cost much. Look at your budget, axe one small expenditure, and your child can have security for life!
Consider the difficulty of late-life preparations
One of the main benefits of life insurance is that you won’t have to place as much of a focus on wills, trusts or foundations. Single moms lack time, and writing a will or investing in and maintaining bank accounts takes precious time away. A life insurance policy is a passive source of future sustainability; it can be used when you retire, and you won’t have to lift a finger to get there.
This frees you up to put more of a focus on work and childcare. Preparing for your retirement and your passing are both time-consuming measures. Can you afford that time? Possibly not. Simple insurance cover can remove both the time based and financial based worries from your mind.
Is your job at risk?
Single moms often work part-time, and that means they’re sometimes seen as the ‘expendable’ employees of a company. But simply put, part-time work is the only choice they have in order to gain flexible work hours. If your job is at risk by the very circumstances of your employment, life insurance can double as your salary. If you’re single, you don’t have a second income! If you lose yours, you need to replace it quickly.
Hopefully, this article has helped you gain some peace of mind. Thanks very much for reading, and best of luck for the months ahead!