5 Life Insurance Shopping Tips for Single Moms
It’s definitely hard to think of the unimaginable happening, but what would your kids do without a mom? It would be incredibly difficult for them to cope emotionally, but what about financially? This is the last thing you want to worry about, which is why life insurance is so important. Plus, regardless of your medical history, credit or other financial circumstances, there are numerous ways to score a great policy without paying an arm and a leg on your monthly premiums. Life insurance should be reassuring – it shouldn’t be draining your finances. Here are five life insurance shopping tips for single moms.
- Age matters. It is important to start shopping for life insurance sooner rather than later. This is because of the “age nearest” policies that insurance companies put in place. If you are a young single mom – under the age of thirty – you are in luck because you can often get the most affordable policies during this time. So, make sure that you don’t wait – the closer you are to a certain age, the more difficult it will be to get life insurance.
- Term life insurance. If you are looking to spend a little less on life insurance, but still want coverage for your children, you may be interested in exploring term life insurance policies. A term life insurance policy is just that – a policy that covers you for a certain amount of time. These policies are often a lot less burdensome and much more affordable than other plans. Plus, if you are looking for life insurance with no exam, a term life insurance policy is probably your best bet.
- Add up the numbers. It is important to add up the numbers when you are shopping for life insurance. One of the biggest questions you may have is probably regarding how much life insurance you should buy. Well, you should start with your child’s age. You also want to think about how many years they have until they are financially independent. Just add up your annual salary or expenses and multiply those years, and you will have a pretty good ballpark number.
- Your employer plan may not completely cover you. If you have an employee life insurance policy, there is a chance that it won’t offer complete coverage. Plus, what happens after you leave your job or get terminated? This is why it is important to have your own plan. Many people think that they don’t need a second policy, but they actually do – just in case.
- Look for adaptability. When it comes down to it, life changes all the time – your life now may be completely different in three years. For this exact reason, you need to find a life insurance policy that can adapt with you. Who knows, you may expect another child and need more coverage. You could also start making more money and your lifestyle may get a major upgrade. In the end, you should find a plan that you can downgrade or upgrade whenever necessary.