Life insurance
Life insurance for single parents: what to plan for
If you are the only parent, the main questions are how many years of income your children would need, and who would manage the money and care for them if you were gone. Both are worth settling now.
Decisions to make
- How long your children would depend on your income.
- Who would be their guardian, and whether that person would need financial help.
- Whether the money should go to a person, or to a trust or custodian, if the children are young.
- How coverage fits with debt, such as a mortgage or loans.
Why the beneficiary choice matters
If you name a minor child directly, a court may have to appoint someone to manage the money. Naming an adult guardian, a trust or a custodian can avoid that. An attorney can help set it up.
Have this ready when you call
- Your children's ages
- Your income and debts
- The person you would want as guardian
- Existing coverage through work
Common questions
Is coverage through work enough?
Sometimes, but it often ends if you leave the job and is usually limited. Many parents add their own policy.
What type of policy do single parents often choose?
Many choose term coverage for the years their children depend on them. We can discuss the options.
Related answers
Rather talk it through?
Call 855-367-1095 and a licensed agent will go through your situation with you. There is no charge to ask, and no obligation to enroll.
- Licensed insurance help
- No guaranteed eligibility, pricing, or availability
- Educational starting point
Information on this site is educational and does not guarantee eligibility, enrollment, pricing, or availability. It is not a recommendation to buy any specific plan or policy.