Single Parents Need Life Insurance Too

Text .... According to a consumer survey implemented by Life Happens, 88% of single parents feel financial security is a top priority. However, a survey conducted by PacWealth Solutions shows 70% of single parents who have three children or more say they have no coverage.

Perceptions that Create This Reality

Part of the reason so many single parents don’t have life insurance could be the perception that life insurance is expensive. However, term life insurance is usually affordable. Term life provides coverage only for a certain number of years instead of your entire life. You could choose a coverage term that’s long enough to help provide for your kids while they are growing up in case something happens to you. Since the price of life insurance is based on your age and health, the younger and healthier you are, the lower your rates may be.

Another incorrect perception is that married couples need life insurance more than single parents. But, in most cases, the surviving spouse may be able to get a job to help support the family. A single parent doesn’t have that option.

How Much Should You Get?

That depends. You might want to make sure there’s enough coverage to help pay for your funeral and your children’s education expenses, but you’ll also need enough to pay off your car loan or any other loans.

To help you determine how much coverage you need, talk to a Shelter agent to help set up a plan that works for your needs.

Whit Hensman – 2581 N. College Ave., Fayetteville; 479-443-WHIT or 888-999-9448

• Taylor Wethers – 1805 N. Green Acres Road, Fayetteville; 479-443-9700 or 877-248-4538

• JT Finley – 2142 N. College Ave., Fayetteville; 479-521-4220

• Randy Hutchinson – 1226 N. Garland Ave., Fayetteville; 479-444-3344