How Should Single Mothers Choose A Life Insurance Plan?

by Anil K. Insurance Advisor

Summary – The importance of life insurance plans becomes more for the single mothers as their kids might have to face a tougher situation if the unexpected happens. Let’s get to know about the things single mothers should take care of while choosing a life insurance.

The life is full of uncertainty and unexpected things keep happening every now and then. Life insurance plans are protecting people and their family from a financial hardship that may arise due to the sudden demise of a loved one. Losing a loved one is a frustrating experience itself and if they were the sole breadwinner of the family, the situation may get worse. The family members may find themselves in a situation of a financial bind if they don’t have enough funds to take care of their financial debts as well as medical and educational expenses. This becomes tougher with families with single mothers and they have to struggle very much to live a normal life thereafter. In this article, you will learn about the things single mothers should take care of while choosing a life insurance for themselves as well as their loved ones.

The Coverage Amount

This completely depends on what amount you find enough to help your dependents to take care of their educational and other financial expenses. You can calculate this amount by noting down the annual expenses of your kids and for the period you want to secure them. Usually, this coverage is the amount provided to your dependents in case you pass away while the plan is in effect. If you aren’t able to decide the right coverage, you get the suggestions of independent insurance experts for the same. They will ask your family requirement in detail and suggest you with the best.

Policy Duration

Once you are done with the desired insurance coverage, the next thing you need to decide is the duration of the policy. You have to know how long you need the protection for as you will have to pay the premiums accordingly. If you have just adopted a child and it’s a toddler itself, you are supposed to buy a 20 or 25-year term life to ensure they can complete their education without any worries, even in your absence. However, if you have a school-going child, you can buy a 10 or 15-year cheap term life insurance plan. Through the insurance portals, you can easily receive multiple term life insurance quotes online and can choose the best one for you.

Pending Debts

Another important thing is to check whether there is any debt that needs to be repaid before you leave. If you don’t have any such financial debts left, nothing can be better than this and if you have one, you should try to repay it as soon as possible. In case, you aren’t able to repay the loan, you kids will have to do the same. Hence, if you have a loan that you feel you won’t able to repay, you are advised to a choose an insurance cover that can repay the loan along with taking care of your children’s educational and medical expenses. Your insurance premium will be decided on the basis of the amount you choose as the cover.

Affordability

Life insurance is knowing for providing cover at cheap prices, thanks to the competition among different insurance providers. Choosing a bigger coverage will come with an expensive monthly premium and vice-versa. At times, people choose a bigger coverage, but they have a tough time making the monthly premiums. Hence, you are suggested to choose a premium that you can pay without making any compromise. You can get the advice of insurance experts online and they will help you the same. Moreover, if you buy a plan in late 20’s or early 30’s, more likely will be offered a plan with cheaper premiums rather someone buying the same plan in late 30’s or early 40’s.

How to Buy

The process to buy an insurance plan isn’t as tough as it used to be. Now, you can easily buy an insurance plan just at your fingertips. You just need to a fill your requirements on the insurer’s website and their representatives will reach you with no delay. You can do the same with multiple insurers and compare the various plans provided before you buy one. Depending on the features and coverage they provide, you can choose an insurance plan that suits your requirements the most.