Often times we think of life insurance for a traditional family consisting of two parents and dependent children. However there are many types of families unique in structure, all needing the safety net of life insurance. The average number of households led by single women in the U.S. continues to climb. This addresses the need for life insurance for single women, single mothers, divorcees and widowers.
Did you know that only 4 percent of all life insurance policies sold in 1997 were purchased by divorced or widowed women (“The Women’s Market: Myth & Reality,” LIMRA International, 1999)? This startling fact means that a majority of the 11 million single moms in the U.S. today are without life insurance. As a single mom, if you do not have life insurance, you run the risk of not having your children’s basic needs met should you die unexpectedly, especially if there is not a father in the picture. Note: In addition to providing for your children’s college tuition and living expenses, single moms may need to factor in additional expenses such as child care and domestic help that a life insurance policy could cover. Purchasing a life insurance policy as a single woman is a critical step to securing yours and your family’s financial future. In fact, recent studies show that 60% of American women will be living alone by the time they are between the ages of 80 and 85 years. Currently half of these numbers of women live in poverty because they neglected to buy life insurance and benefit from the cash values in a policy.