Single Moms and Dads Need to Think About Life Insurance

Single Moms and Dads Need to Think About Life Insurance

It seems reasonable enough: there likely isn’t a reasonable parent in the world who isn’t aware of the need for life insurance.

Even the youngest person tends to be shocked into sensible action when faced with the responsibility of caring for a child. For single parents, the need is particularly acute, as they may be the sole surviving (or capable) parent who can provide for the kids.

Surprisingly, survey data has turned up a disturbing attitude concerning single parents and life insurance: while more than 80% of those surveyed said that a two-parent family needs life insurance, only 60% believe that single parents need it. Where does this curious attitude come from?

One expert involved in the survey said the notion that single parents are less in need of life insurance is simply illogical. To put it coldly, if one half of a couple dies the other is there to support the children – and even then, some form of financial cushion will be needed, which is guaranteed by insurance. Single parents have no direct ‘living backup’, so comprehensive life insurance is even more vital.

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Here’s the basic principle: if your death would cause financial woes to anyone, then you must have life insurance. Sometimes, a parent who doesn’t work but rather provides primary care to children thinks they don’t fall into this category.

This is a misconception. If that parent suddenly passed away, the children would still need a ride to school, meals cooked and a host of other tasks fulfilled. If circumstances allow, family members could take up the burden, but they might simply be unable to foot the bill.

For more information, please read:
Everything single parents need to know about life insurance | MarketWatch

 

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