Being a single mom can be very difficult. Constant sources of stress and worry are a given for single parents. The more morbid concern is how our children will get by if we pass. This is a subject that’s rather heavy and grim but necessary to keep in mind. Life is unpredictable, so it’s best to prepare ourselves the best we can, which in this case can be done with life insurance.
Why would you need insurance?
As with all insurances, people may ask themselves if there’s a purpose to getting the insurance. However, with the available life insurance plans, many people can be accommodated for any type of insurance they may be willing to purchase.
For single mothers, the insurance can cover a lot of problematic situations for them. In case of injuries, the insurance can cover the time we may take to recover from the injury or at least help us get some extra cash to fund recoveries. The more harrowing consequences of getting into an accident could leave our child or other members of our family in a pretty awful spot, but the life insurance may at least aid them in dealing with the monetary problems, if not emotional ones.
Women live longer than men
The fact has long been known that women outlive men. The life expectancy of males in the United States is around 73 years, while for females, it’s 80 years. So why are we mentioning this? Well, you’ll likely get use out of your life insurance the longer you live.
It’s good to keep up a policy because of the potential problems we may run into during our life. The best safety we can get is life insurance.
Types of good life insurance for moms
1. Level-term life insurance
Level-term insurance pays out the same no matter how long you hold it. This type of life insurance will give a flat payout no matter the years you own the policy.
Of course, it does require the policy to be active still. However, keeping it engaged is a good way to get the flat payment no matter the time.
This type of life insurance is useful because you needn’t worry about the changes in value that your policy undergoes. If the plan seems good as a coverup for potential costs in the wake of unfortunate passing, the plan’s usefulness will remain as the years pass.
2. Whole of life insurance policy
It figures that when we get a life insurance policy, we’d like it to stick about for our entire life. The coverage this provides to our children and close family members should not be understated. Whole of life insurance doesn’t work on the usual 10 to 30-year timeframe as most other insurance. Instead, it aims to provide an answer to those parents who wish to permanently secure payment to their kids in case of emergency.
Whole of life insurance means we won’t have to worry about renewing the policy or seeking new ones every once in a while. Additionally, it removes the extra paperwork we’d need to do, allowing us to spend far more time with our children than in life insurance offices.
The whole of life insurance is going to pay out a lump sum after it goes into effect. This also assumes premiums have all been cleared, which goes for every insurance. Getting one of these policies is a long-term commitment, make sure to use official sources to get proper information on the quotes. Providers like www.lifecoverquotes.org.uk will offer a ton of useful details in this department.
3. Family income benefit insurance
When you want a consistent flow of money, we recommend checking this insurance. It aims to provide benefits to the entire family in case of your passing. The benefits are usually going to vary based on the actual insurance provider you select, but it is an important type of life insurance for mums, both single and not.
In case of your passing, the family income benefit will come into effect. This insurance policy functions somewhat differently than standard life insurance. This is because it pays out regular monthly income to those who are covered as beneficiaries of your insurance.
A policyholder is still expected to pay monthly or annual premiums as they do for standard insurance, but the way payments function is different. It also bears mentioning that the payout will start in case the policy is still in effect and continue from there.
This type of life insurance is a good way to secure your children for longer after your passing. However, the lump-sum payment may be hard to manage and utilize, while monthly income is a good way to support the family with some extra cash each month.
4. Term life insurance
The most standard form of life insurance may also work for single parents. That being term life insurance. This type of life insurance is just what it says it is. A policy covers you for a certain term, this usually being between 10 and 30 years, and if you die during it, the beneficiaries get paid.
The benefit of this standard life insurance is the same one as with other lump-sum payouts that insurances offer. They are good for covering some imminent huge costs which can happen at a few different ages of a person’s life. One of the most common examples being college costs.
Even potential mortgage payments may get covered by this. Because our bills and loans don’t go away if we die, they could end up being the child’s responsibility or the responsibility of the designated caretaker. But, regardless of who ends up getting the premium, it will allow them to produce the required money for the extra costs we’ve left behind.
Life insurance is something we may sometimes think we don’t need but should get. A life insurance policy becomes even more important when it comes to being a single parent. Even if our child has a caretaker to house and helps them when you pass away, the life insurance can help both of them better navigate the situation.
A few different forms of insurance can benefit you, but they cover different situations. Some are good for that big influx of money initially to get rid of any leftover loans, while others are good for a consistent cash flow. Whichever you pick, make sure it fits the concerns you have.