If you’re a single mom, you have a lot on your plate: from your children’s day-to-day well-being to ensuring your own dreams for the future are realized. With that may come financial concerns.
Research shows that single moms have elevated financial concerns, including:
- Half worry about leaving their kids in a tough financial situation if they
were to die prematurely - 4 in 10 worry about the ability to afford college for their kids
- 6 in 10 worry about having enough money for a comfortable retirement1
There is something that can help provide financial peace of mind and addresses these concerns: having life insurance. In fact, 52% of single moms with life insurance feel financially secure vs. just 30% of those who don’t have it.
Term or Permanent?
Of course, life insurance is there to ensure that your children would be OK financially if something happened to you. And many find that term life insurance is an affordable way to do that while their kids are young.
Permanent life insurance, however, can help you meet financial goals while you are alive. This type of policy builds cash value over time. It’s money that you can tap for any future needs that you have, from sending your kids to college, to a down payment on a house, to help fund your retirement.2
And remember, while some people choose either term or permanent life insurance, others find that a mix of the two offers the best of both worlds.
Learn more about the living benefits of life insurance and how it can help you put these financial concerns behind you.
1 2023 Insurance Barometer Study, Life Happens and LIMRA
2 Withdrawing or borrowing funds from your policy will reduce its cash value and death benefit if not repaid, and may result in a tax liability if the policy terminates before the death of the insured.
This piece has been reproduced with the permission of Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures. Life Happens does not endorse any insurance company, product or advisor. © Life Happens 2023. All rights reserved.
This article is for informational purposes only, you should not construe any information provided as legal, tax, investment, or financial advice. No reader should make any investment decision without first consulting their own financial advisor and conducting their own research and due diligence.