There were 12.2 million single-parent families in the U.S. in 2012, according to the U.S. Census Bureau. Of those, over 84 percent were headed by single mothers. That’s roughly 10.3 million single mothers, 45 percent of whom never married. The remaining 55 percent were either divorced, separated or widowed. Most would agree, being a mother is the most difficult ‘job’ there is. If this is true, imagine how much more challenging it is to be a single mother.
The Need for Life Insurance
All families need some form of life insurance. This is especially true of single parent families. The loss of the sole breadwinner’s income can create a tremendous burden for the surviving dependents and their caregivers. According to a recent LIMRA study, single mothers without life insurance are more likely to depend on family and friends to cover the financial burden they leave behind. Sources of support available to surviving dependents include:
- Family & Friends – 50%
- Social Security – 40%
- Savings – 20%
- Earnings of Others – 20%
- Retirement Funds – 18%
A Case for Term Life Insurance
The U.S. Census Bureau shows about 25 percent of single mothers have an income that places them within the middle class. Yet, data from The Pew Center shows single mothers make just 60 percent as much as married mothers. One possibility for this difference is because many single mothers simply work less due to their increased responsibilities at home.
It’s no surprise that life insurance ownership increases along with income, as illustrated by this data from – again – the U.S. Census Bureau.
|$25,000 - $34,999|
|$35,000 - $49,000|
|$50,000 - $74,000|
When there are bills to be paid and food and clothing to be bought, life insurance naturally falls to the bottom of the list. The solution to this problem is term life insurance. Term life offers the lowest premiums for the most amount of coverage when compared to other types of life insurance. Many people do not know this, but a healthy single mother can buy a $500,000 policy for less than a dollar a day. One dollar! Take a look at these rates for a 20-yr term life policy with a Preferred rating class (second lowest rate available).
With premiums for term life insurance this low, coverage may be more affordable than you previously thought. If you are a single mother in need of this valuable coverage, talk with an agent or go online to view quotes.