Single Parent Life Insurance Coverage: Why It’s Important


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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.

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+

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? Please contact us toll-free at (888) 777-7574 or send us a message and a licensed Top Quote Life Insurance agent will be more than happy to assist you.

Jeffrey Manola

Jeffrey Manola

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 best rates for your life insurance coverage, but he also wants you to be well informed about the different types of life insurance options that are available. You will also find a significant amount of valuable information on the multiple life insurance companies that can provide you with coverage.

Jeffrey Manola is licensed to provide expert advice and help aid in the purchasing process of life insurance products. He is licensed with the National Insurance Producer Registry (NIPR) in the following states:

AL: 790866 AR: 14358927 AZ: 14358927 CA: 0K29801 CO: 531038 CT: 002536246 DC: 3000281706 DE: 3000190912 FL: W383615 GA: 3089339 HI: 482421 IA: 14358927 ID: 646048 IL: 14358927 IN: 3100885 KS: 14358927 KY: DOI-986908 LA: 758187 MA: 2045330 MD: 3000011601 ME: PRN252004 MI: 14358927 MN: 40427014 MO: 8428106 MS: 10519253 NC: 14358927 ND: 14358927 NE: 14358927 NH: 2434852 NJ: 1562332 NM: 14358927 NV: 3299018 NY: LB-1484031 OH: 1117369 OK: 100293583 OR: 14358927 PA: 740709 RI: 3000183893 SC: 14358927 TN: 2383399 TX: 1969337 UT: 648983 VA: 987464 VT: 3426230 WA: 947010 WI: 14358927 WV: 14358927

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

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Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574