(844) 786-8229 info@quotacy.com
Image of a mother giving her child a kiss for the Quotacy blog, The Importance of Life Insurance for Single Parents.

The Importance of Life Insurance for Single Parents

January 22, 2021
Our goal is to educate and advise on life insurance options, so you can feel confident in making the right choice, whether that’s through Quotacy or somewhere else. To ensure we provide accurate and trustworthy information, our writers follow strict editorial standards.

For nearly all single parents, raising their children alone is both a joy and a challenge. You know you are strong enough to raise and take care of them, but it’s difficult. Those little faces rely on you completely.

According to a survey from the Pew Research Center, 23% of U.S. children under the age of 18 live with one parent and no other adults. What would happen to these children if their parent unexpectedly died?

Genworth Financial revealed in a research paper that unmarried parents are significantly less likely to have life insurance than their married counterparts, at all income levels.

In addition, consider these other startling statistics from the Genworth research:

  • Unmarried fathers are the least likely to have life insurance of any group in the study.
  • 59% of unmarried mothers lack life insurance vs 43% of married mothers.
  • 60% of unmarried fathers with household incomes between $50,000 and $250,000 have no life insurance vs 27% of married fathers.

Why Single Parents Need Life Insurance

While it is important for anyone with dependents to have life insurance, you could argue that single parents need it the most.

When married couples purchase life insurance, they often plan with the possibility that one spouse will remain to care for the children. Single parents do not have this luxury.

In regards to life insurance planning, single parents should consider the following:

  • Get enough life insurance to cover your lost income, child care (if children are young), your children’s education, and your final expenses (debt, funeral, burial.)
  • Choose a responsible guardian who will be in charge of the care for your children. Document this in a valid will.
  • Name a trust as your policy beneficiary. Minor children cannot receive life insurance death benefits. A trust will ensure the death benefit proceeds are distributed and used according to your wishes. You can also set it up that once your children are of legal age, that they are given a portion of the benefit.

Term life insurance is very customizable. You choose the amount of coverage and how long the coverage lasts.

Ideally, buy a term length that will ensure your family is covered until your youngest child is financially-independent and on their own. Insurance coverage ranges from $50,000 to millions of dollars. Buy what you can comfortably afford long-term.

The younger you are when you purchase a life insurance policy, the more affordable it will be. When you buy a term life insurance policy, you lock in your premium for the entire term.

Below is an example of the monthly cost of a term life insurance policy that lasts 30 years. You can see how the age you buy a policy impacts its cost. Also, the more coverage you buy, the higher the monthly premium.

Male / Female
Male / Female
Male / Female
Male / Female
Male / Female
Male / Female
20$11.33 / $10.44$14.45 / $13.11$12.64 / $11.56$18.44 / $15.30$28.90 / $23.68$40.80 / $32.97
30$11.61 / $10.83$14.87 / $13.70$12.98 / $12.04$19.12 / $16.45$31.45 / $26.52$44.62 / $37.23
40$15.99 / $14.19$21.43 / $18.74$18.27 / $16.10$29.11 / $24.39$52.52 / $41.65$76.23 / $59.92
50$32.71 / $25.61$46.51 / $35.87$38.50 / $29.92$69.06 / $53.55$130.22 / $98.60$192.77 / $145.35


If a healthy 30-year-old single mother buys a 30-year $250,000 term life insurance policy, she will pay approximately $16.45 per month.

This monthly premium will never increase the entire 30-year term.

If she unexpectedly dies within that 30-year time period, her beneficiary receives $250,000.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

How Single Parents Can Buy Life Insurance

Single parents are typically extremely busy and rely on one income. Researching, comparing, and buying life insurance may be seen as a time-consuming and unaffordable option. We understand.

Here at Quotacy, you can research, compare, and purchase life insurance on your own time. Because applying can be done right online, it’s very time efficient.

Not only is it easy to buy life insurance through Quotacy, you’ll get the best price possible. You can instantly comparison shop the nation’s top life insurance companies.

After you submit your online application, your Quotacy agent then does a second round of comparison shopping just to make sure you’re matched with the best carrier. We call this an “underwriting study”.

Not all life insurance companies evaluate (or underwrite) risk factors the same way. If there is anything in your life that may affect your life insurance premiums, such as family history or cancer or high blood pressure, your agent will make sure the insurance company you chose through our online tool will treat your application favorably.

It takes no time at all to apply for life insurance. Before the insurance company can complete underwriting your application, you may need a medical exam. But the examiner will come to your home or office at a date and time in which you choose.

Many applicants can qualify for policies that don’t require a medical exam. Your Quotacy agent will let you know if you’re eligible.

Term life insurance is also very affordable. Run a term life insurance quote on Quotacy and check it out for yourself. It only takes 30 seconds. We know how busy you are, so we don’t even ask for any contact information up front. We only reach out to you after you apply.

Today is the day to protect the financial futures of your loved ones.


Getting Over the Gap: Insights on Life Insurance Coverage in the U.S., Genworth, 2012

» Learn more: Which Is Better for Single Parents: Term or Whole Life Insurance?


Submit a Comment

Your email address will not be published. Required fields are marked *