Life Insurance for Single Parents

Life insurance for single parents will ensure that your children are provided financial assistance if you’re no longer around. The cost of life insurance for single parents is lower if you apply when you are young and healthy, so it's best not to delay. Term life insurance is an affordable option for single parents to get a lot of coverage at a lower rate.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • Life insurance for single parents provides financial protection for your children.
  • Life insurance will keep your children from being responsible for paying off your debts.
  • Naming a trust or custodian as your policy’s beneficiary will ensure your children receive the money.

When one parent passes away in a two-parent household, the other has the ability to provide financially for the family. A single parent doesn’t have this option. This makes life insurance for single parents a necessity.

The amount left through a life insurance policy will make up for the money previously brought into the home. This will assist in the paying of current and future expenses. Eventually, this money can help with mortgage payments and college tuition.

This article will help you consider term vs. permanent life insurance and understand your life insurance needs as a single parent.

Enter your ZIP code and compare life insurance for single parents in your area to find affordable quotes.

Why is life insurance for single parents needed?

Life insurance is essential for anyone whose death could negatively impact someone financially. This applies to the children of single parents. Life insurance for single parents will ensure that your children are provided for should a tragedy occur.

While your children might move in with a friend or family member upon your passing, they might not have the income to pay for your children. Your life insurance policy will provide the necessary funds for their everyday needs.

Purchasing the best life insurance for single parents will allow you to continue providing for your children financially, even if you’re not physically there.

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When life insurance for single parents be purchased?

Oftentimes, people assume that they don’t need life insurance until they have dependents. While this might technically be the case, it can help to buy your life insurance policy before you’re supporting anyone.

A person’s health will often impact their life insurance premiums. The younger and healthier you are, the lower your premiums will be. Buying a life insurance policy when you’re young will allow you to take advantage of the lower premiums.

How much life insurance for single parents is needed?

The amount of life insurance needed for a single parent largely depends on their financial situation. A dependent is not responsible for any debts unless they are a cosigner. However, items can be repossessed if the payments stop.

When determining the amount of life insurance for single parents needed, you should consider all debts and expenses. Some of the tips for choosing the amount of life insurance coverage includes:

  • Cover 10-15 times the amount of income to provide for your children into the future.
  • Review outstanding debts to ensure your vehicle and house aren’t repossessed.
  • Include the cost of bills, everyday expenses, and housing.

Consider future expenses for your children, such as medical bills or college tuition.

Is life insurance for single parents affordable?

A common concern for a single parent is being able to afford coverage. Term life insurance is affordable and will cover the necessities of most people.

The price of single-parent life insurance quotes depends on factors like age, health, lifestyle, and the amount of coverage. Buying at a younger age will make your coverage more affordable. A healthy 30-year-old can find $250,000 of coverage for 20 years for around $160 a year.

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How do I make a budget to afford life insurance as a single parent?

Money can be a concern for single parents, who are providing for themselves and their children. There are some tips you can follow that will help you afford this coverage.

1. Add the premium into your budget

If you already have a budget, you can add your premium into it. This will ensure that you know how much coverage you can afford each month.

2. Put money in specialized savings account

Some savings accounts are set up for this type of savings. Speaking with a financial advisor can help you determine which type of account will accrue interest and work best for your children.

3. Cut back on other spending

In addition to helping you afford premiums, creating a budget can tell you where you’re spending unnecessary money. You might be spending more on non-essential objects, allowing you to free up more of your money.

How long should life insurance for single parents last?

When buying affordable life insurance for single parents, the coverage should last as long as your furthest debt and youngest child. This will ensure that the policy doesn’t run out before your debts do, potentially resulting in a repossession of assets.

For example, if your mortgage will continue for 20 years, your life insurance policy should last at least that long. This will ensure that you don’t place any additional burden on your children to avoid losing the home.

Most people purchase 20-30 years of term life insurance coverage. This assists the children financially into college and when they start their own family. By the time that term is completed, you likely won’t have any dependents to worry about.

Who should be named as a beneficiary?

Life insurance companies are legally prohibited from giving the death benefit directly to a minor. This could be at the age of 18 or 19, depending on the state. To avoid any complications, you should name a designated caretaker or trust as the beneficiary.

If a caretaker or trust is not listed in the policy, the death benefit would go to a court-appointed legal guardian. This could result in the money being tied up in court proceedings for years. In the meantime, your children will not be supported by the policy.

Naming a trust as the beneficiary

One option for a minor is to set up a trust and name it as the beneficiary. A legal guardian of your choosing would oversee the funds and make payments as directed by the trust.

A lawyer can help you set up the trust so that the money you leave doesn’t get tied up in the courts.

Naming a designated caretaker as the beneficiary

Another option is to name a designated caretaker as the beneficiary. This caretaker will be in charge of the money and will make payments as needed.

The person you name as caretaker should be someone that you trust to care for your child. You can name as many beneficiaries as you wish and can allocate how much money each one will be responsible for.

You can control the money after your passing by detailing how the money should be used in a last will and testament. This will allow you to ensure that the caretaker spends the money as you desire.

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What types of life insurance for single parents are there?

There are two different types of single-parent life insurance policies that can be purchased; term life insurance and permanent life insurance. Term life policies last for an amount of time stated within the policy. Permanent policies cover the entire life of the policyholder.

Most people considering life insurance for single parents rates purchase term life policies as they intend on supporting their children for a specific amount of time. The policies can last as long as you want but are typically 20-30 years.

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How is the life insurance policy claimed?

When setting up your policy, you’ll want to ensure that the death benefit can be claimed. There is certain information that will be needed in order for the child or the guardian to claim the death benefit. This information includes:

  • The insurer’s name
  • Your full name
  • The policy number

The documentation that you leave for your child or their guardian should also include who to contact, your death certificate, the policy document, and the claims form.

Life Insurance for Single Parents: The Bottom Line

Life insurance for single parents is designed to support your children when you pass away. Taking your debts into account and choosing the right caretaker will ensure that your children’s financial future is protected.

To ensure the financial security of your children should you pass away, compare the rates of companies that offer life insurance for single parents and find the one that best fits your needs.

Enter your ZIP code and compare life insurance for single parents in your area to find affordable quotes.

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Frequently Asked Questions: Life Insurance for Single Parents

If you still have questions, find the answers below.

#1 – Does the other parent need to receive part of the death benefit?

There’s no requirement that any part of the death benefit be left to the other parent. It’s up to the policyholder who controls the money for an underage child.

#2 – How often should I update my policy?

You should update your policy whenever any major life changes occur. This might include replacing beneficiaries or custodians of the policy.

#3 – What if a beneficiary misplaces the policy details?

Should the beneficiary misplace the details of the policy, they can contact the state’s insurance department.

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