It is never easy for a single mother to think about how their children will survive if something were to happen to the mother. The younger they are, the more difficult it is to fathom what could possibly happen. However, when we consider the terrorism that is rampant in the world, and the crime and violence occurring in the cities and towns in the U.S., it is not too hard to imagine.
Sadly, most single mothers, or parents, for that matter do not consider buying life insurance to preserve their income in the event of their untimely death. The average income of a single mother is $23,000 and if she has more than one child, it may be difficult for her to consider including a life insurance premium her budget. If the father is involved in the children’s lives, the single mother may think that life insurance is not necessary, as the father would probably assume responsibility of the children.
This may be true in some cases, but in many of the families, the father may not be capable or willing to assume responsibility for the children. In that case, it is imperative that the mothers investigate the possibility of purchasing life insurance to assist the person who would be responsible enough to care for the children. It would provide the needed financial assistance for the guardian to help support the children.
In the northeast, the cost to raise a child to age eighteen is approximately $455,000, which computes to $25,277 per year. This does not include the cost of a college education, which would be an additional $19,000 to $35,000 per year, depending on whether the child plans to attend a state school or an out-of-state school. The mother needs at least $600,000 per child of life insurance!
It is clear from considering the high costs to raise a child and send him to college that life insurance is necessary to cover these costs and to keep the children protected in the event of the untimely death of the mother. The amount of life insurance would seem pretty high, but it would meet the needs of the children. In reality, some single mothers may not be able to afford to purchase this amount of insurance. However, any amount that they could purchase would help the family.
Here is a situation where low cost term insurance would meet the need and would be a cost effective way of providing the coverage for the family. Term insurance would cover the family for only a certain amount of years. There would be no cash value, and the coverage would terminate when the mother would no longer need the coverage. Single mothers interested in more information about this should talk to their life insurance representative or feel free to contact me on the contact form of this blog.