Life Insurance for Single Parents (Discounts & Rates)

In some ways, life insurance for single parents is more complicated than it is for couples. Single parents need to take the time to carefully calculate their coverage to ensure their children’s expenses are covered should they pass. They also have to choose a beneficiary they can trust to oversee the disbursement of their policy. Term life insurance is the best option for single parents due to its affordability.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Written by D. Gilson, PhD
Professor & Published Author D. Gilson, PhD

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Mar 3, 2022

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The Highlights

  • Single parents need to take the time to ensure that they buy enough life insurance coverage to take care of all their child’s needs
  • It’s important to choose a dependable beneficiary when buying a life insurance policy as a single parent
  • Term life insurance policies are the most affordable life insurance option for single parents

As a single parent, your children are your biggest concern, which is why finding affordable life insurance for single parents is so important.

Keep reading to learn more about getting the coverage you need and what types of life insurance policies are ideal for single parents.

Are you ready to buy life insurance for single parents right now? Enter your ZIP code above, and we will help you jump-start your search.

How much life insurance do I need?

When looking at what type of life insurance to purchase, you’ll likely have many things to consider. Of course, choosing the right life insurance plan always depends on one’s personal situation. However, single parents need to take more factors into account when choosing their coverage amount.

While couples can calculate life insurance coverage needs based on their dual income, you will need to use the single parent method life insurance calculator.

That being said, a good rule of thumb is to ensure that you have enough coverage to pay off debts and ensure your children have a place to live if possible, especially if they are minor children.

This means coverage to pay off a mortgage or set aside for long-term rent coverage. In order to provide financial protection, you’ll want to consider a variety of insurance products.

In addition, if you can afford to purchase enough coverage to replace your income for any amount of time to support your children and their guardian after you pass, this is always advisable.

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Who can be my beneficiary?

Technically any legal adult can be your beneficiary. However, it’s important to select someone who will make the right choices for your family and handle the money responsibly.

Having a written will where your money is allocated can help ensure funds go where they are meant to go, and cover long-term expenses. Putting your money into a trust for your children is another way to protect it for them in the future.

Whichever method you choose, make sure to inform the beneficiary when you make this decision so that they can follow your requests and file for a claim should you pass.

According to the Insurance Information Institute, life insurance policies regularly go unclaimed due to a lack of information given to the beneficiary.

What is the best life insurance for single moms?

For those with more flexible budgets, whole life insurance offers protection that can be very comforting for a single parent.

However, many single parents don’t have the room in their budget for an expensive permanent insurance policy. Instead, they want to focus on getting the best life insurance rates for single parents.

For these individuals, term life insurance policies are the best option.

The best term life insurance for single moms will be a policy that provides coverage at rates she can afford. The best life insurance company for single parents is going to vary from person to person.

This makes comparing quotes for each type of coverage the most important part of the process for many parents.

To help you get started, we compared the term life insurance rates from four different companies, Haven Life, Mutual of Omaha, Protective, and State Farm.

Average Monthly Term Life Insurance Rates by Company
CompanyAverage Monthly Rates
Mutual of Omaha$9.59
Haven Life$10.13
State Farm$15.49
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As you make your comparison and narrow it down to selecting a life insurance provider, be sure to consider your current annual income, your life expectancy and what future expenses your family will have. Your life policy should cover these considerations. Affordable term life insurance may provide the peace of mind you need within a budget you can afford.

Are you ready to compare life insurance quotes for single parents? Enter your ZIP code below, and we will help you find affordable rates available today.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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