Many of us live paycheck to paycheck, and life insurance usually doesn't hold the top spot on our priority list. If you're a Mom working outside of your home, you may have it as a benefit at your job, depending on the nature of your work. All that said, it's important for you to have adequate coverage. We talked a little bit about life insurance in another article; we'll take a deeper dive here to help you out with this added information. It's a bit like health insurance, you know you need it, should have it, but unless it's provided by your employer, who the heck can afford it? Well, no more stressing over this one! Term life insurance is very affordable!
Many studies have been performed, and I've learned that nearly 70 percent of single parents, with kids, don't have life insurance. That compares to about 45 percent of married parents who do have coverage. This makes perfect sense since a married couple is far more likely to have more income than single Moms. Just in case, you need a reminder; you are crucial to your kids regardless of how many dollars and cents you do or don't have in your bank account. The kids are dependent on you for nearly everything, most certainly your financial support.
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Here's the difference, you pay premiums to provide a death benefit to your beneficiaries if you die during the defined term. Paying premiums for whole life insurance builds cash value for you to use later in life, or the amount will be added to the payout for a death benefit. These are our tips for you:
Get a quote! While we aren’t endorsing any particular agency, most offer free information for you to do your assessment and free quotes. You can also do all of the research by phone or online. Here are some