As a single mom, your children depend on you to protect and provide for them today and tomorrow, especially if you’re the sole or primary care provider. But what happens if you die unexpectedly before your children reach adulthood? Who will care for them and how will the guardian pay for the cost of raising your children? Life insurance can provide a lump sum payment that can be used to pay the guardian of your choice for the cost of raising your kids until they become financially independent.
Even if you’re not the primary care provider, you probably provide an important source of financial support for your children. A life insurance policy can replace your income until they come of age, as well as assisting with the cost of their college education.
In most cases, term life insurance offers the simplest and most cost-effective coverage. You pay premiums for a preset period of time, based on how many years you need to cover. The policy pays a lump sum should you die before the term is up. It also provides a guaranteed premium for the length of the policy, making it easy to budget for the monthly premiums.
Be disciplined, spend your money wisely, and practice good financial judgment. You’ll find that making ends meet doesn’t have to be as difficult as it seems.