I am a single mother. Do I need life insurance?
Single mothers are some of the most empowered women I know. They do the work of two people tirelessly every day because they consider their responsibility not as a burden but as manifestations unfailing love. . They know they have more difficulties than most, but they would not trade for anything in the world
As a single parent, it is important that you provide a safety net for you and your children - life insurance - to ensure that your children are taken care of if you are not around. As a single mother (or single father), this should be the first thing you take care before planning anything else. If you have experienced a divorce, you know too well that put the burden on your spouse to provide monetary safety net your child can be a bad idea. If you have suffered from the death of your spouse, you know all too well the importance of life insurance in the financial plan of the family.
So how, as a single mother, do you calculate how much coverage you need? Start by spending that children bring. The average expenditure on two children in a family is more than $ 8,000 per year. As they grow, their financial needs are increasing. These costs will also depend on where you live. According to the US Department of Agriculture's annual report (2012) on Expenditures on Children by Families , a middle-income family with a child born in 2011 can expect to spend about $ 234,00 ($ 295,560 if projected inflation costs are taken into account in) over the next 17 years. This figure does not include education beyond high school. (Find the link to http://www.usda.gov/wps/portal/usda/usdahome?contentid=2012/06/0197.xml). To calculate your life insurance coverage, factor costs such as tuition and weddings. Use the term life insurance calculator to find the perfect cover for your situation.
Use a site like AccuQuote.com to know how much it would cost of annual premiums. Get quotes for 15, 20, 25 and 30 words of the year and compare life insurance costs. As a young, healthy mother, you can think that hundreds of thousands of dollars in coverage is going to cost an arm and a leg. Not true! You could get cover for as little as $ 40 per month. A life insurance policy that adequately covers your needs is exactly what you need to give you peace as needs in mind.
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