Should Single Parents Get Life Insurance?

For single parents, the thought of leaving behind a financial inheritance for their children can be daunting. However, by investing in life insurance policy, they can rest assured that their loved ones will have access to financial resources to help even after they’re gone.

What is life insurance, and what are the options?

Life insurance is essentially an agreement between the insured and the insurer. In exchange for premiums paid regularly, the insurer promises to pay out a specified amount of money to designated beneficiaries upon the insured’s death. This money can be used to help with the loss of income or towards expenses such as college tuition or medical bills.

There are various types of life insurance policies available, each with different levels of coverage and premiums:

• Term life insurance offers insurance coverage for a specific period of time, usually lasting 10 to 30 years.
• Whole life insurance is a type of permanent life insurance that provides coverage for the policyholder’s entire lifetime.
• Universal life insurance combines features of both term and whole life policies, allowing the insured to adjust their premium payments within certain limits.

As a single parent, investing in life insurance can be an important part of financial planning. A life insurance investment helps protect your children and family should something happen to you.

Why would single parents benefit from life insurance?

For single parents, having life insurance can be a key way to help protect their family’s financial future in the event of unexpected death. Life insurance can help provide much‐needed financial security for their children and relieve some burdens from other family members. Additionally, it can also serve as an investment tool by providing potential tax benefits and growth over time with careful management by a professional insurer.

In the event of an unexpected death, life insurance can help ensure that the family is taken care of in terms of medical expenses, living costs, education fees, and other necessary expenses. It can even provide a way to help replace lost income so that the surviving parent can still provide for the family. When a single parent passes away without life insurance in place, their loved ones may face significant hardship due to the lack of financial security. For this reason, life insurance may be a good choice for single parents as it helps provide peace of mind knowing that their family will be cared for, no matter what happens.

Bottom line

Before deciding on the type of life insurance to apply for, consulting with an experienced financial advisor or life insurance expert is important. They can help you evaluate your current situation and provide life insurance quotes tailored to your needs.

Ultimately, having life insurance can be an effective way for single parents to help safeguard their children’s future and ensure that their loved ones are taken care of even after they’re gone.

Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York. 

68000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies:

ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New

York, NY68100-NY68400. B60000 series: In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q6000 group whole life series: In Arkansas, Policy Q60100CAR. In Delaware, Policy Q60200M. In Idaho Policy

Q60100CID. In Oklahoma, Policy Q60100COK. In Oregon, Policy Q60100COR. In Texas, Policy

Q60100CTX. Q60000 group term life series: In Delaware, Policies Q60200C. In Arkansas, Idaho,

Oklahoma, Oregon, Texas, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. 65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC18B61JWO & ICC18B61JTO.

 Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company.

The life insurance policy described herein contains an optional Accelerated Death Benefits Rider that is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Aflac does not give legal or tax advice. Please consult with a qualified legal, tax, and accounting advisor before engaging in any transaction. In AR, AZ, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22.

This is a brief product overview only. Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions. For complete details, including availability and costs, please contact your local Aflac agent.

Content within this article is for informational purposes only and does not constitute legal, tax, accounting or medical advice regarding any specific situation. Aflac cannot anticipate all the facts that a particular employer will have to consider in their benefits decision-making process. This article contains a general overview and is not intended to portray any specific benefits or details of Aflac policies.

Aflac does not offer Universal or Variable Universal life insurance.

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