The Best Life Insurance For Single Parents

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best life insurance for single parents

As a single parent, it’s important to take steps to ensure that your children’s guardian will be financially able to care for them in the event of your death. That includes taking out a life insurance policy that will provide a substantial payout to help pay for your funeral expenses and other final costs as well as any outstanding debts you may have and your children’s future educational needs.

There are two main types of life how much is life insurance a month : term and permanent. Many people choose term life policies because they’re affordable, easy to understand, and cover a specific period of time. Permanent life insurance, on the other hand, builds cash value over the course of your entire lifetime and offers more flexible coverage options but it’s typically more expensive than term insurance.

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If you’re a single parent, it’s likely that your employer offers group term life insurance through an employee benefits package and this can be a good starting point if you’re on a tight budget or can’t afford to purchase a personal life insurance policy. However, these policies usually only offer a low death benefit amount of one or two times your salary.

Mutual of Omaha is a reputable life insurance company that offers a wide range of life insurance products for both men and women including burial or final expense insurance. These policies are simple to obtain with quick approval and no medical exam required. You can select a decreasing or level term policy depending on how long you need coverage and how much the payout will be.

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