Single parents often bear the burden of two. It’s not unusual for them to be the sole source of income for food, housing, and monthly bills, as well as the only parent responsible for the care, education, and guidance of their children. Their circumstances and responsibilities often leave them financially strapped and unprepared for emergencies, including the ability to pay their debts and insure that their family is provided for in the event of a tragedy.
In a two-parent household, each parent finds assurance that their spouse or partner will assume the responsibility of caring for the children in the event of their death. But single parents don’t have that advantage, and they often lack the financial support a guardian would need to raise their child and pay their debts and funeral expenses. This is especially true for the growing population of single mothers who too often don’t have sufficient savings or life insurance to meet their family’s needs.
Single parents are underrepresented in the life insurance industry. Out of every 10 single parents, only four carry any life insurance, and their policies are usually one-fourth of the value of two-parent families. In 1960, the cost of raising a child was $25,000. Today that figure is more than $220,000, not including college education costs. Unfortunately, few single parents, especially single moms, carry sufficient insurance to pay their final debts, let alone provide for their children’s basic needs.
Life insurance should be a priority for all parents, especially for single moms who can’t rely on the income or support of their children’s father. The amount of coverage is individual, based on income, how many children there are, and the financial circumstances of the parent. However, it’s safe to assume that a single parent needs enough coverage to pay their final expenses and the cost of raising their children. For those who cannot afford adequate coverage, there is still some peace of mind in knowing they have a life insurance policy that can contribute toward their child’s future, regardless of the amount. The first step is to determine how much insurance a single mother can afford. Then the next step is to address any debt and improve the future financial outlook for the family.
Because of their one-income status, single moms usually can’t carry hefty life insurance policies or premiums. However, they can obtain affordable term or permanent life insurance that will aid in the future financial support of their children. Term life insurance isn’t permanent; the policy has a time limit, usually a period of 10 to 30 years. If the owner of the policy dies within that term, the beneficiary will receive the value of the policy. Permanent life insurance, however, has no time limits and the policy will remain in force as long as the premiums continue to be paid.
It’s critical that single moms carry some form of life insurance to meet their fiscal and parental responsibilities. Finding an agent who understands a single parent’s financial and insurance needs is highly recommended and advantageous to addressing the family’s short and long-term financial goals. It’s a vital key in preparing for the future and providing for the children who depend solely on them for all of their health, welfare, and educational needs.
At GAL Insurance center, we offer affordable guaranteed life insurance, term or whole Life. That means your premium is guaranteed, your death benefit is guaranteed, and for whole life plans, your cash values are guaranteed. We believe life insurance should start out to be what you can afford to keep. GAL Insurance Center is designed to allow for direct purchasing of life insurance without an agent, as well, to allow you to purchase online or by phone after receiving a free quote from over 50 top rated insurance carries bidding for your business. We believe the best life insurance is one that is guaranteed and pays off when you or your family needs it. Our monthly rates start as low as $3.75 month and policy amounts start as low as $2,500 online or by phone. Go to GALInsuranceCenter.com and take control of your life insurance needs.
|
|
|||||||||||
| Year | Age | Banner Life1 OPTerm 20 (guar 20) (Preferred Plus Non-Tobacco) |
Jackson National Life1 JNL Protector Term Series 20 (guar 20) (Preferred Plus) |
West Coast Life1 Secure T (25 yrs) (Super Preferred) |
Banner Life1 OPTerm 30 (guar 30) (Preferred Plus Non-Tobacco) |
West Coast Life1 LifeTime Platinum III 1/11 – To Age 121 (Super Preferred) |
|||||
| Death Benefit | $250,000 | $250,000 | $250,000 | $250,000 | $250,000 | ||||||
| 1 | 35 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 2 | 36 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 3 | 37 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 4 | 38 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 5 | 39 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| Total: | $775.00 | $950.00 | $1,137.50 | $1,200.00 | $4,787.50 | ||||||
| 6 | 40 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 7 | 41 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 8 | 42 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 9 | 43 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 10 | 44 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| Total: | $1,550.00 | $1,900.00 | $2,275.00 | $2,400.00 | $9,575.00 | ||||||
| 11 | 45 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 12 | 46 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 13 | 47 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 14 | 48 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 15 | 49 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| Total: | $2,325.00 | $2,850.00 | $3,412.50 | $3,600.00 | $14,362.50 | ||||||
| 16 | 50 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 17 | 51 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 18 | 52 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 19 | 53 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| 20 | 54 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | |||||
| Total: | $3,100.00 | $3,800.00 | $4,550.00 | $4,800.00 | $19,150.00 | ||||||
| 21 | 55 | n/a | n/a | $227.50 | $240.00 | $957.50 | |||||
| 22 | 56 | n/a | n/a | $227.50 | $240.00 | $957.50 | |||||
| 23 | 57 | n/a | n/a | $227.50 | $240.00 | $957.50 | |||||
| 24 | 58 | n/a | n/a | $227.50 | $240.00 | $957.50 | |||||
| 25 | 59 | n/a | n/a | $227.50 | $240.00 | $957.50 | |||||
| Total: | $3,100.00 | $3,800.00 | $5,687.50 | $6,000.00 | $23,937.50 | ||||||
| 26 | 60 | n/a | n/a | n/a | $240.00 | $957.50 | |||||
| 27 | 61 | n/a | n/a | n/a | $240.00 | $957.50 | |||||
| 28 | 62 | n/a | n/a | n/a | $240.00 | $957.50 | |||||
| 29 | 63 | n/a | n/a | n/a | $240.00 | $957.50 | |||||
| 30 | 64 | n/a | n/a | n/a | $240.00 | $957.50 | |||||
| Total: | $3,100.00 | $3,800.00 | $5,687.50 | $7,200.00 | $28,725.00 | ||||||
| 31 | 65 | n/a | n/a | n/a | n/a | $957.50 | |||||
| 32 | 66 | n/a | n/a | n/a | n/a | $957.50 | |||||
| 33 | 67 | n/a | n/a | n/a | n/a | $957.50 | |||||
| 34 | 68 | n/a | n/a | n/a | n/a | $957.50 | |||||
| 35 | 69 | n/a | n/a | n/a | n/a | $957.50 | |||||
| Total: | $3,100.00 | $3,800.00 | $5,687.50 | $7,200.00 | $33,512.50 | ||||||
| 36 | 70 | n/a | n/a | n/a | n/a | $957.50 | |||||
| 37 | 71 | n/a | n/a | n/a | n/a | $957.50 | |||||
| 38 | 72 | n/a | n/a | n/a | n/a | $957.50 | |||||
| 39 | 73 | n/a | n/a | n/a | n/a | $957.50 | |||||
| 40 | 74 | n/a | n/a | n/a | n/a | $957.50 | |||||
| Total: | $3,100.00 | $3,800.00 | $5,687.50 | $7,200.00 | $38,300.00 | ||||||
1 Indicates Companies that Calculate Costs based on Nearest Age
2 Rates are NOT GUARANTEED during indicated years
|
||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||
| Year | Age | Banner Life1 OPTerm 20 (guar 20) (Preferred Plus Non-Tobacco) |
Jackson National Life1 JNL Protector Term Series 20 (guar 20) (Preferred Plus) |
West Coast Life1 Secure T (25 yrs) (Super Preferred) |
Banner Life1 OPTerm 30 (guar 30) (Preferred Plus Non-Tobacco) |
West Coast Life1 LifeTime Platinum III 1/11 – To Age 121 (Super Preferred) |
||||||||||||||||||||||||||||||||||||
| Death Benefit | $250,000 | $250,000 | $250,000 | $250,000 | $250,000 | |||||||||||||||||||||||||||||||||||||
| 1 | 35 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 2 | 36 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 3 | 37 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 4 | 38 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 5 | 39 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| Total: | $775.00 | $950.00 | $1,137.50 | $1,200.00 | $4,787.50 | |||||||||||||||||||||||||||||||||||||
| 6 | 40 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 7 | 41 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 8 | 42 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 9 | 43 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 10 | 44 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| Total: | $1,550.00 | $1,900.00 | $2,275.00 | $2,400.00 | $9,575.00 | |||||||||||||||||||||||||||||||||||||
| 11 | 45 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 12 | 46 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 13 | 47 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 14 | 48 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 15 | 49 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| Total: | $2,325.00 | $2,850.00 | $3,412.50 | $3,600.00 | $14,362.50 | |||||||||||||||||||||||||||||||||||||
| 16 | 50 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 17 | 51 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 18 | 52 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 19 | 53 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 20 | 54 | $155.00 | $190.00 | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| Total: | $3,100.00 | $3,800.00 | $4,550.00 | $4,800.00 | $19,150.00 | |||||||||||||||||||||||||||||||||||||
| 21 | 55 | n/a | n/a | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 22 | 56 | n/a | n/a | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 23 | 57 | n/a | n/a | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 24 | 58 | n/a | n/a | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 25 | 59 | n/a | n/a | $227.50 | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| Total: | $3,100.00 | $3,800.00 | $5,687.50 | $6,000.00 | $23,937.50 | |||||||||||||||||||||||||||||||||||||
| 26 | 60 | n/a | n/a | n/a | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 27 | 61 | n/a | n/a | n/a | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 28 | 62 | n/a | n/a | n/a | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 29 | 63 | n/a | n/a | n/a | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| 30 | 64 | n/a | n/a | n/a | $240.00 | $957.50 | ||||||||||||||||||||||||||||||||||||
| Total: | $3,100.00 | $3,800.00 | $5,687.50 | $7,200.00 | $28,725.00 | |||||||||||||||||||||||||||||||||||||
| 31 | 65 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| 32 | 66 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| 33 | 67 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| 34 | 68 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| 35 | 69 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| Total: | $3,100.00 | $3,800.00 | $5,687.50 | $7,200.00 | $33,512.50 | |||||||||||||||||||||||||||||||||||||
| 36 | 70 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| 37 | 71 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| 38 | 72 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| 39 | 73 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| 40 | 74 | n/a | n/a | n/a | n/a | $957.50 | ||||||||||||||||||||||||||||||||||||
| Total: | $3,100.00 | $3,800.00 | $5,687.50 | $7,200.00 | $38,300.00 | |||||||||||||||||||||||||||||||||||||
|
1 Indicates Companies that Calculate Costs based on Nearest Age
|
||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
1 Indicates Companies that Calculate Costs based on Nearest Age
GAL Insurance Center 