For nearly all single parents, raising their children alone is both a joy and a challenge. You know you are strong enough to raise and take care of them, but it’s difficult. Those little faces rely on you completely.
According to a survey from the Pew Research Center, 34% of all American children are living with a single parent. What would happen to these children if their parent unexpectedly died? Genworth Financial revealed in a 2012 white paper that unmarried parents are significantly less likely to have life insurance than their married counterparts, at all income levels. In addition, consider these other startling statistics from the Genworth research:
- Unmarried fathers are the least likely to have life insurance of any group in the study.
- 59% of unmarried mothers lack life insurance vs 43% of married mothers.
- 60% of unmarried fathers with household incomes between $50,000 and $250,000 have no life insurance vs 27% of married fathers.
While it is important for anyone with dependents to have life insurance, you could argue that single parents need it the most. When married couples purchase life insurance, they often plan with the possibility that one spouse will remain to care for the children. Single parents do not have this luxury.
While it is important for anyone with dependents to have life insurance, you could argue that single parents need it the most.
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In regards to life insurance planning, single parents should consider the following:
- Get enough life insurance to cover your lost income, child care (if children are young), your children’s education, and your final expenses (debt, funeral, burial.)
- Choose a responsible guardian who will be in charge of the care for your children.
- Name a trust as your