Term Life Insurance for Single Parents: Secure Your Children’s Future

As a single parent, you take on life’s challenges with strength and dedication, giving your children all the love and support they need. Parenthood is never easy, and you manage it all on your own. Through all the ups and downs, planning for their future is one of the most important ways you can protect them.

Life insurance for single parents is more than a financial safeguard; it is peace of mind, knowing that your children will be taken care of no matter what life throws your way. At SBLI, we offer term life insurance for parents who are doing it all on their own.

Why Life Insurance Is Essential for Single Parents

As a single parent, you do it all—providing, nurturing, and protecting. You think about everything, from the food on the table to your child’s education and well-being. It’s a lot to manage, and while no one likes to think about the unexpected, planning is one of the most meaningful ways to protect your family’s future.

Life insurance for a single parent is a promise that your children will always have the support they need. It helps replace your income, ensuring stability for everyday essentials while also protecting their future—covering milestones like college tuition, childcare, and the activities that help them grow.

Life is unpredictable, but having a safety net for unexpected costs—medical bills, home repairs, or other emergencies—helps protect the life you’ve built for your children. You work hard every day to keep them safe and happy. Planning ahead ensures that no matter what happens, their future stays secure.

What Is Term Life Insurance and Why Is It Perfect for Single Parents?

Term life Insurance is one of the simplest and most affordable ways to ensure your children are always taken care of. It provides coverage for a set number of years, offering financial security during the critical years when your child depends on you the most. Unlike permanent life insurance, which typically comes with higher premiums, term life insurance allows you to lock in significant coverage at a budget-friendly rate—a practical choice for single parents managing expenses on one income.

Life can be unpredictable, but term life insurance gives you flexibility and control. You can choose coverage that aligns with your child’s biggest milestones, whether that’s graduating high school, finishing college, or becoming financially independent.

For instant peace of mind, Simple Term Life Insurance provides a fast, hassle-free way to get coverage. With a quick online application, you can get immediate protection—no medical exam required. It’s a straightforward way to ensure your children are covered without delays or complications.

Now, imagine what would happen without this safety net. Would your child have to stop daycare, school, or tutoring because expenses became unmanageable? Would they have to move because mortgage or rent payments continue, even without your income? The right term life policy ensures that your children have a stable home, food on the table, and access to the opportunities they deserve—no matter what.

Is Life Insurance Affordable for Single Parents?

Cost is often a top concern for solo parents who are already balancing a long list of responsibilities. The good news is that term life insurance has the most death benefit protection at the lowest price. Unlike other forms of life insurance, term policies come with fixed premiums during the coverage period, meaning there are no unexpected rate hikes, just predictable, manageable payments that fit your budget.

Many single parents are surprised to learn that a 35-year old, non-smoking female could buy a $500,000, 20-year-Term policy for as low as $20.75 a month — less than the cost of a pizza dinner.¹ That small investment warrants that if the unthinkable happens, your child remains safeguarded. Your financial decisions shape their future, and life insurance does not have to be a burden. Take these two tips from SBLI:

1. Choose a Coverage Amount That Reflects Your Family’s Financial Needs: Base your policy on what your child would need and consider ongoing expenses. The right amount hinges on your unique situation.

2. Start Small and Scale Up Coverage as Your Budget Allows: If a policy feels overwhelming, go for what you can afford now and adjust as your financial situation improves. Many insurers let you increase coverage later, so even a modest policy can be a foundation. Use our Term Life Affordability Calculator to experiment with different coverage amounts and policy lengths.

Customizing Term Life Insurance for Single Parents

Knowing how much life insurance you need can feel confusing. You want to put your kids first but must also balance your budget. Fortunately, term life insurance allows you to customize a policy according to where you are in your journey. Here are three steps to create a term life insurance plan that prioritizes both your today and tomorrow.

Step 1: Select a Term Based on Your Goals
Most single parents opt for a 10, 15, or 20-year term with high school graduation, college, and even early adulthood in mind. If you have a toddler, a 20-year term can safeguard them until they’ve become a young adult. If your child is already a teenager, a shorter term may be enough to see them through college and into their first job. Match your policy’s duration with the years your children will still depend on you.

Step 2: Pick the Right Coverage Amount
Consider expenses like mortgage or rent payments, daycare, tutoring, extracurricular activities, medical costs, and emergency savings. A solid policy should replace your income. If you are unsure how much coverage is right for you, use our unbiased life insurance calculator with key questions that explore your financial situation and goals.

Step 3: Add Optional Riders
Life insurance riders allow you to add benefits to your policy, giving you extra security. A Child Rider, for instance, is additional coverage for your children if something happens to them, covering medical costs or funeral expenses. Another add-on is the Disability Waiver of Premium, which keeps your policy active should you be unable to work because of an illness or injury.

Financial Planning Checklist for Single Parents

Financial planning is incredibly challenging for single parents. Without a second income to fall back on, you must allocate every dollar to present and future stability. You need a clear plan in place to create a strong foundation for your kids. Here are key tips to help you take control of your family’s financial security.

Update Estate-Planning Documents

Estate planning is never just for the wealthy. For example, a single mother suddenly passes away without a will. Her assets may be tied up in probate court for months, and the guardianship of her child could be left to the state’s decision. In contrast, with a proper estate plan, she can name a family member or friend as a guardian and guarantee that her savings, home, and life insurance benefits go toward her child’s future.

Draft or update your will to designate a guardian for your child.
Set up a trust to manage assets for your child’s future.
Name a person you trust to carry out your wishes.
Review and update your designations on life insurance, retirement accounts, and other assets.
Consult an estate-planning attorney to ensure your documents are legally sound.

Store Important Documents

Once you have an estate plan, store all important documents in a safe yet accessible location. Without a well-organized system, family members may struggle to get critical information during difficult times.

Keep copies of your life insurance policy, will, financial records, and property deeds in a fireproof safe.
Store digital backups of documents in a secure digital vault or cloud service.
Share access to important documents with a trusted family member or attorney.
Maintain a list of emergency contacts with information on legal guardians and financial advisors.
Regularly review and update stored documents for accuracy.

Good to know: Every SBLI policy comes with access to LegacyShield—a powerful digital tool designed to help you build and protect your legacy. Plus, you’ll have access to the Estate Guru platform, where you can easily create essential estate planning documents, including a will, trust, power of attorney, and advance directive.

Create a Realistic Budget

Financial security is nearly impossible without budgeting. Track your income and expenses to cover all priorities while setting aside money for emergencies and plans.

List all monthly income sources (salary, child support, benefits, and others).
Track essential expenses (housing, childcare, groceries, transportation, and others).
Set aside funds for emergency savings.
Factor in life insurance premiums.
Review spending habits and adjust where necessary to meet savings goals.

Choose the Right Life Insurance Policy

Life insurance for single parents is one of the most important protections. The right policy should cover both immediate needs — such as funeral costs and outstanding debts — and long-term goals, including college tuition or housing for your child.

Determine the amount of coverage required to replace your income and cover major expenses.
Choose a term length based on your child’s key milestones.
Compare policies and find an affordable option that fits your budget.
Consider insurance riders.
Review your policy every few years to verify that it continues to meet your needs.

Start Protecting Your Family Today With SBLI

In the life of a single parent, waiting is never an option. Acting today means peace of mind tomorrow. No matter your needs, SBLI makes life insurance simple. Get a quick quote for term life, apply right online for Simple coverage, or speak with one of our trusted agents about the solution that’s right for you. Find the right protection for you and your loved ones—on your terms.

Explore your life insurance options

¹This rate is for a female, age 35, best class, 20-Year term policy with a face amount of $500,000. Monthly premiums are available only when using SBLI’s Automatic Payment Plan. Rates vary by age, gender, health, and amount of insurance.

SBLI Simple Term Life Insurance policy form series 20-P-SIT.
SBLI Term Life Insurance policy form series B-56.
Not all riders are available for all products. An Accelerated Death Benefit rider is automatic and free. Other riders are available at an additional cost. Rider form series BC-40.1, 18-R-AXRDB, 18-R-AXDDB, BN-9, BN-50, BN-56, and 14-WOPR.

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