Single Parents Need Life Insurance

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.

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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.

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