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Should Single Moms Get Life Insurance?
Single moms who are the main financial providers for children are the critical source of the financial health and wellness of the children. If a single mom suddenly dies, there has to be a secondary source to provide for the children. This means financial security must be established for the children for their living expenses, lifestyle, education, and more. For this reason, single moms should get life insurance.

Once a guardian has been established for the children in the event of the death of a single mom, acquiring life insurance is essential as the death benefits will be used to provide for the children's needs. Because single parents who are the sole financial providers often have budgets that are quite tight, life insurance is critical to ensuring children are properly taken care if a single parent passes.

Should Single Moms Get Life Insurance?For single moms on a tight budget, they often want to keep life insurance premiums to a minimum. Term life insurance is a great way to get the highest amount of life insurance at the lowest premium. Term life insurance premiums tends to start low and increase over time. This type of insurance has a set term for coverage such as 10 or 20 years. As well, single moms will often want to create an estate or leave a lump sum of money to their children. This is due to an increased awareness of their financial responsibilities to their children. Whole life would normally be used as it can be kept forever.

Beneficiaries for life insurance policies for single moms are a personal decision. A single mom has to decide whether to allow the guardian to have ownership or control of the life insurance proceeds. Normally, a trusted adult is chosen to control the funds until the children reach a specific age. A trustee can also be selected to manage the funds until the children are adults. The guardian can be the trustee, or a mom can pick another person as trustee. A single mom would name the children as beneficiaries and someone else as trustee.

If you are a single mom, it is important to make sure ensure your children are financially protected if you suddenly pass. Life insurance will give you peace of mind knowing your children are financially secure.

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Should Single Moms get Life Insurance

Should Single Moms get Life Insurance

Single moms who are the main financial providers for children are the critical source of the financial health and wellness of the children. If a single mom suddenly dies, there has to be a secondary source to provide for the children. This means financial security must be established for the children for their living expenses, lifestyle, education, and more. For this reason, single moms should get life insurance. more...

What Age Should You Get Life Insurance?

What Age Should You Get Life Insurance?

Most people do not think of life insurance as a major life long investment. However, without life insurance, if an untimely death occurs, loved ones can be left with overwhelming debt. There are certain events in life that cause people to think about purchasing life insurance such as marriage and birth of a child. Although these are important life changing events that require the financial security of life insurance, any age is the right time to get life insurance. more...

Price Of Life Insurance

Price Of Life Insurance

There are many reasons why people purchase life insurance. If they die prematurely, they want to make sure their final expenses are covered, ensure their children are provided for, and leave extra money behind for loved ones. When searching for the best life insurance policy that meets their needs, the price of life insurance becomes an important consideration for most people. more...