Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

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As a single parent, you are tasked with the challenging role of being both mother and father to your child. You are the full-time income earner, cook, chauffeur, caregiver and so much more. Yet studies show that single parents have little to no life insurance coverage at all.

With all the responsibility of raising and protecting your family on your own, you need to make sure that you have enough life insurance to protect your child’s financial future.

Often two-parent families don’t have enough life insurance coverage but what’s even scarier is a single parent family with little, to no coverage at all. As a single parent your child depends on you to provide for them, but how would you be able to do that if you unexpectedly passed away?

Without adequate life insurance coverage, what would your child’s future be like?  Having the right amount of life insurance coverage will provide your child with financial security to continue after you are gone.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Table of Contents

How Life Insurance Proceeds Would Benefit your Child

Let’s face it raising a child is not cheap. A life insurance policy with adequate death benefit coverage would guarantee income to help raise your child. Let’s take a look at what it would cost to raise a child and how having the right amount of coverage can help pay for a guardian to raise your child.

The estimated annual cost to raise a child on a single parent annual income of $60,000

Housing expenses consist of shelter (mortgage payments, property taxes, or rent; maintenance and repairs; and insurance), utilities (gas, electricity, fuel, cell/telephone, and water), and home furnishings and equipment (furniture, floor coverings, major appliances, and small appliances).

Estimated Annual Cost: $3500 – $4000+

Food expenses consist of food and beverages purchased at grocery, convenience, and specialty stores; dining at restaurants; and household expenditures on school meals.

Estimated Annual Cost: $2000 – $2500+

Transportation expenses consist of the monthly payments on vehicle loans, down payments, gasoline and motor oil, maintenance and repairs, insurance, and public transportation (including airline fares).

Estimated Annual Cost: $1000 – $1500+

Clothing expenses consist of children’s apparel such as diapers, shirts, pants, dresses, and suits; footwear; and clothing services such as dry cleaning, alterations, and repair.

Estimated Annual Cost: $500 – $600+

Health care expenses consist of medical and dental services not covered by insurance, prescription drugs and medical supplies not covered by insurance, and health insurance premiums not paid by an employer or other organization. Medical services include those related to physical and mental health.

Estimated Annual Cost: $500 – $1000+

Child care and education expenses consist of day care tuition and supplies; babysitting; and elementary, junior high and high school tuition, books, fees, and supplies.

Estimated Annual Cost: $1500 – $2000+

Miscellaneous expenses consist of personal care items (haircuts, toothbrushes, etc.), entertainment (portable media players, sports equipment, televisions, computers, etc.), and reading materials (non-school books, magazines, etc.).

Estimated Annual Cost: $500 – $1000+

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Determining the Right Amount of Coverage

Having the right amount of life insurance coverage will be different for each family, but narrowing down an amount that will bring you peace of mind is not a difficult process.

A great starting point would be to estimate your annual expenses in each category covered in the previous section.

When you have an annual expense for each category add them all together and multiply that number by the number of years left until the child’s eighteenth birthday.

The number that you get will give you a very good starting point for coverage. From there consider any additional expenses such as money left to purchase a car, college expenses, wedding, down payment on a home or to leave a small inheritance.

How Much Coverage Should You Have?

Both term and permanent life insurance are great options, but if you are looking for the most cost efficient and affordable coverage consider going with a term life insurance policy.

Term life insurance will provide you with a greater amount of death benefit coverage at a significantly lower price than permanent life insurance. Term insurance can also be purchased in fixed premium lengths of 10, 15, 20, 25, 30 and even 40-year plans.

Your children depend on you, and you are all they have. Having adequate life insurance coverage on your life is important to both you and your child’s future.

Need help determining the right amount of life insurance coverage you should have?

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.