First things first. Get life insurance
by Rachel Sarah
Filed under All, Single Moms
You’ve opened up about the many curve balls that life has thrown your way, from catching your partner lying to facing a dire emergency that sent you scrambling for childcare. That’s why we can’t stress enough how crucial it is to get a life insurance policy.
Shopping around for life insurance can be confusing. We know that. You probably wonder: How much is it going to cost? How long will it take me to research different policies? We understand how busy you are. And thinking about life insurance can bring up a lot of fear.
Hopefully, we can make it easier for you. For starters, we’re big proponents of term life insurance. We’ll tell you why:
Term insurance generally offers the largest insurance protection for your premium dollar and typically has lower premiums in the early years. Although term insurance does not build cash value that you can use in the future, it covers you for a term of one or more years. Also, it pays a death benefit only if you die in that term. You can renew most term insurance policies for one or more terms even if your health has changed.
We encourage you to ask the following questions when you’re researching life insurance quotes:
– If I renew the policy, will my premium go up? By how much?
– Will I lose my right to renew my policy at a certain age?
– For a higher premium, will you give me the right to keep the policy in force for a guaranteed period at the same price each year?
– Are any physical examinations necessary to continue coverage?
Remember, if you don’t understand, don’t buy it!
We’d love to know:
Do you have life insurance? If so, do you have any tips about how you went about choosing it?
If you haven’t looked life insurance yet, why not?
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This post was sponsored by SelectQuote
Photo via Flickr: equickin
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Yup. And make a proper legal WILL.
I think these are scary things for us single mamas to face (what if???). It also falls into the category of “I know I should but who has time?” How do you know how much you need? I have a policy through work, but I know it’s probably nowhere near enough.
Twitter @ singlemombooks
I do have life insurance and I haven’t had it forever. In fact, I didn’t even think about having it (so thanks, Rachel, for bringing this need front-and-center).
In case you’re worried about yet another expense, keep in mind even basic term coverage costs only about $30-$50 a month, depending upon your age, your “habits” (drinking, smoking, drug use) and how healthy you are. It’s a reasonable budget item that will give you the peace of mind knowing your kids will be taken care of … just in case. It’s a simple and easy process, and there are many good companies, such as USAA or New York Life that can get you coverage within a couple of weeks.
I dropped my policy after some financial problems years ago and just yesterday I said I need to get some life insurance.This to me is God sent and I will be budgeting my money so I can afford it. Which companies should I research?
Taesmith: We’re happy to hear you’re budgeting money for insurance – a necessity! Good for you. Click the term insurance link in the post – and you’ll get the help you need. Keep us posted.