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Why single moms need life insurance

Single moms want to do the best for their kids—which is why you should consider applying for a term life insurance policy.

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If you’re a single mom, you know how hard the day-to-day work of parenting can be. Many single mothers are doing the entire job themselves—and even if you’ve got a co-parent or grandparent helping to share the load, you’re probably responsible for managing everybody’s time, making sure everyone’s needs get met and making all of the important decisions that might affect your children.

This includes the decision of whether to apply for life insurance. Some single moms already know the benefits that a good life insurance policy can provide, but might not have set aside the time to compare life insurance policies or apply online—even though many term life insurance applications take only minutes to complete.

Other moms may not be aware of the ways in which a life insurance policy can help them protect their family. Term life insurance coverage can help your loved ones maintain financial stability during a worst-case scenario. If the loss of your income would present a hardship to your children or your extended family, life insurance is a good idea for covering the financial gap.

Life insurance can also help you leave a long-term legacy for your loved ones—whether you’re hoping to help your kids pay for college or whether you want to establish the kind of generational wealth that can benefit children, grandchildren and great-grandchildren.

All parents should consider taking out a life insurance policy—and single moms, who are often doing the work of two parents in one, have even more reasons to apply for life insurance coverage. Here are six ways life insurance for single moms can benefit you and your loved ones:

In this article:

Life insurance can help your loved ones cover final expense costs

Some families don’t realize how expensive it can be to pay for end-of-life costs. Ask yourself whether your loved ones would be able to handle the expenses associated with a memorial service, burial or cremation—and then ask yourself whether a term life insurance policy would help your loved ones not only financially, but also emotionally.
Knowing there are funds in place to help your loved ones celebrate your life could help to ease their grief—and prevent them from taking on final expenses they can’t afford.

Life insurance can help your children continue their education

Whether you’re hoping to put your kids through college or simply hoping to keep them in their current schools, a life insurance policy can help provide the money you need to help your children continue their education.
Life insurance can also help pay for daycare or pre-school, after-school childcare, summer camps and enrichment activities—all of which are essential parts of childhood. Let grandparents and guardians know that you’ve got a life insurance policy in place, so they won’t have to worry about who will cover those costs if you aren’t there.

Life insurance can help with the monthly mortgage payment

If you are a homeowner, you know how important it is to make the monthly mortgage payment. A life insurance policy can help pay mortgage payments after you’re gone. If you are considering a term life insurance policy, which covers you for a specific time period (usually up to 30 years), called the coverage duration (that is, the term), consider matching your term length to the length of your mortgage to ensure you’ll be covered as long as you’re still making payments.
If you don’t expect your children to remain in the family home after your death, keep in mind that a life insurance policy could also help to cover the costs associated with moving your children from their current home to their guardian’s home.

Life insurance can help protect your parents’ retirement

In a worst-case scenario, your children’s grandparents are likely to step up and provide either primary or supplementary care—and without financial support, the costs of caregiving could jeopardize your parents’ retirement.

By buying life insurance, you can remove some of the financial burden from your parents. That way, your kids can get the care they need—and your parents can continue with their retirement saving and planning.

Life insurance can help your children launch into adulthood

Many young adults depend on parental support, from first apartments to first jobs—not to mention marriages, births and all the other milestones of adulthood. If you’re not around to provide the support yourself, your life insurance policy payout (also known as a death benefit) could help provide the funds your kids need to successfully transition into full-fledged adults.

If you’re planning on making your children the beneficiaries of your life insurance policy, you’ll need to either assign a custodian or set up a revocable living trust to ensure that the money is taken care of until your children reach the age of majority. At that point, they’ll be old enough to take charge of their own finances—and their own futures.

Life insurance can leave a legacy for generations to come

There’s one more reason for single moms to consider life insurance. A life insurance policy can help you leave the kind of financial legacy that could benefit not only your children, but also future generations of your family.

Imagine your kids beginning their adult lives with enough financial stability to help them avoid unnecessary debt, for example—and think of how that could benefit their future children. Imagine how a college education could help your kids find better jobs—and think of what they might teach the next generation about the importance of learning.

There are a few types of term life insurance coverage options to consider. At Haven Life, you can get up to $3 million in term coverage in the form of Haven Term, where you pay an affordable monthly premium in exchange for years, even decades of coverage. For example, a 30-year-old woman in excellent health can get a 20-year, $500,000 policy for $15.16 a month.

You can also consider Haven Simple, which works much the same way, but no medical exam is required during the application process. (You’ll need to be truthful during your application, or risk non-issuance of policy, or non-payment of the death benefit.)

This costs a little more (because the insurer knows less about your health), and you are limited to $1 million in coverage for up to 20 years, but it’s still a relatively affordable option for anyone who doesn’t want to take a medical exam. For example, a 30-year-old woman in excellent health can get a 20-year, $500,000 policy for $20.10 a month.

Life insurance offers peace of mind—not only for what you can’t expect, but also for what you can. That’s why all parents—especially single moms, who are often doing the work of two parents in one—should consider applying for a life insurance policy.

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About Nicole Dieker

Nicole Dieker has been a full-time freelance writer since 2012, with a focus on personal finance and habit formation. In addition to Haven Life, her work regularly appears at Lifehacker, Bankrate,, and Vox. Dieker spent five years as a writer and editor for The Billfold, a personal finance blog where people had honest conversations about money, and is the author of Frugal and the Beast: And Other Financial Fairy Tales.

Read more by Nicole Dieker

Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit:

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