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When it comes to parenting, your to-do list can seem never-ending. From signing up for school activities to projects around the house, the list goes on. It feels like as soon as you check something off, a few more tasks pop up.
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If you’re a single parent, that list may be even longer and more complex, especially if you are your children’s “one and only.” The pressure can be overwhelming, with three-quarters admitting to feeling overwhelmed with becoming a single parent. More than a quarter (27%) even confess to feeling very overwhelmed, according to Life Happens’ new survey, “Single Parents and the Financial Future.”
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Single parents say they’d need a minimum of $332,705 in savings to feel at ease about raising their child. On average, the thought of ensuring their kids are financially secure crosses the minds of single parents five times a day.
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However, four in 10 single parents acknowledge that they didn’t start planning for their child’s financial future until their kids were 4 to 6 years old or even later. Only 10% began before their child was born, as per the data.
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More than a quarter of single parents surveyed (28%) mention they would resort to crowdfunding to provide for their children if needed. Only half state they’ve bought life insurance to safeguard their children’s financial future if someone else had to take care of them.
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Despite life insurance being an affordable solution, many single parents fail to consider it. The 2023 Insurance Barometer Study by Life Happens and LIMRA reveals that most people overestimate the cost of life insurance by three times or more, which might explain why they don’t think it is within their budget.
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To put it into perspective, a healthy 30-year-old can secure a 20-year $250,000 level term life insurance policy for around $200 a year, which is roughly $4 a week. This investment ensures that your child’s future is protected in case something happens to you.
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If you need inspiration, watch Summer’s story. She was a young single mom who tragically passed away at 22. Her son, Nathan, was just nine months old at the time. Before her death, she had secured a life insurance policy for $12 a month, ensuring Nathan’s future would be secure.
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Don’t let uncertainty about the amount or type of life insurance prevent you from getting coverage. Use our Life Insurance Needs Calculator to estimate the coverage you may need. If you require assistance in selecting the right policy that suits your budget, reach out to an insurance professional at no cost or obligation. If you need help finding an agent, you can use Life Happens’ Agent Locator.
