You have given your life and sacrificed your single lifestyle for the betterment of your child or children. Few if any moms could be labeled as “selfish” when it comes to your children’s health or basic needs. Until one has a child, it’s really tough to truly comprehend how much things change in the parent’s world. Moms are committed and dedicated to protecting their kids from harm. Where’s this leading? There is no “I” in team (or seemingly in parenthood) but there is in Insurance.
The last thing imagined when dreaming of becoming a parent was ending up being so “alone.” But more than one in four children under age 21 are raised in single parent homes. And about 84% of custodial parents are mothers; of those moms, almost half are currently separated and almost a third has never been married.
Astonishingly, nearly 40% of single moms are over 40 years old.
Single moms often must bear the burden of at least “two.” Single Moms often are the sole provider of money, food, shelter and education. And yet, few moms (only one in four) have any life insurance. And of those few that do have any life insurance, typically they have way too little.
In 1960, the cost of raising a child was $25,000. Today that figure is more than $220,000, not including college. Few single parents, especially single moms, have enough life insurance to pay their final debts, let alone provide for their children’s basic needs.
Life insurance should be a priority for all parents but especially for single moms who can’t rely on the income or support of their children’s father. For those who cannot afford a lot of coverage; there is still a little peace of mind in knowing they have a life insurance policy that can contribute toward their child’s future, regardless of the amount. The first step is to create a budget to figure out how much insurance a single mother can afford. Even if you think you can’t get life insurance, it pays to find out for sure. Contact www.mymoneytrack.com for more information on your budget plan and on locating cheap life insurance.
Then the next step is to have a plan to pay off debt and pay for life insurance. It’s remarkable how inexpensive some life insurance actually is, particularly “short term” life insurance that is in force only until the kids are grown. Beg borrow or steal (okay, not really steal…) but moms need to ensure life insurance is obtained.
Stories abound of tragedy where a mom didn’t buy life insurance and well… you don’t want to hear the rest. Instead, rest assured that your kids will have something to help support them in a worst case scenario.
Losing your mom hurts, losing your home, food and everything else hurts more.