If you’re a single mom, you are certainly not alone. In fact, according to many published reports, there are more than 12 million single-parent homes and over 80 percent of them are headed up by single mothers. So, being that you are the one who is responsible for providing so much of what your children need, it’s important that you do all that you can to make sure that they are well taken care of. This would include taking out a life insurance policy.
If you’ve never had life insurance before and you’d like a few shopping tips, you’re in luck. This article is going to share with you five tips for how you can end up with the best possible coverage to protect your little ones.
Do your research. The first thing that you should do is research the different life insurance companies that are out on the market. That’s going to be the best way to find a reputable company that comes with great coverage at an affordable price. One website that can provide you with a thorough listing of life insurance companies across the country is MSN Money. Just go to the site and put “life insurance companies” in the search field.
Choose between whole and term life insurance. The two main types of life insurance policies to choose from are whole and term life insurance. While whole makes it possible for you to have coverage for as long as you live and it will also allow you to take out cash from your policy, keep in mind that it’s significantly a lot more expensive than term life insurance. Plus, whole life insurance is not nearly as flexible as term life insurance should you decide that you want to change your policy at some point. For these reasons, a lot of insurance companies would probably recommend that you go with term life insurance. For a lot of single parents, it’s easier on their budgets.
Decide how much coverage you need. Something else that you should think about is how much coverage that you need. In most cases, $300,000-$500,000 is enough to care for your loved ones. And if you go with term life insurance, the best thing about it is in most cases, you can get a 30-year policy for less than a couple of dollars a day.
Do a little comparison shopping. Say that you find some great coverage at an insurance company like MetLife. Before you decide to make a purchase, take out a couple of days to do a bit of comparison shopping. You never know. By looking at other insurance companies such as InsureChance or State Farm, you might find a premium rate that is even better.
Get coverage as soon as possible. No matter what type of life insurance you’re interested in, the most important tip of all is to make sure that you don’t put off getting some. Tomorrow is not promised to any of us. Therefore, you want to be able to have the peace of mind that should something happen to you, your children will be financially cared for. For more information on life insurance, contact a professional life insurance agent in your area.