A recent study found that 25.8 percent of children in the U.S. are being raised by a single parent, compared with an average of 14.9 percent across the other 17 industrialized nations studied.
Despite the fact that 35.8 percent of single parents are employed, the poverty rate among the group is high. So, it is highly unlikely that many of these parents have a life insurance policy to protect their loved ones.
Life insurance is important for dual-income families, but it’s doubly important for a single-income parent. The loss of a single parent represents a 100 percent loss of income for the child–a devastating blow to the child’s future welfare.
A single parent living paycheck-to-paycheck can afford life insurance. The Insurance Information Institute reports that a relatively healthy 40-year-old non-smoker can purchase $500,000 in term life insurance for roughly $30 per month.
If you’re a single parent who lacks life insurance, protect your family with coverage you can afford.