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If You are a Single Mom, is Your Work Life Insurance Policy Enough?

The mom life is a difficult road to travel. Add single-parenting to that responsibility and life gets a bit more complicated.

Not only do you have the day-to-day struggle of making certain your kids are healthy, fed, educated, entertained, etc., you also need to find time to earn an income to provide all of the above.

If you are fortunate enough to have a job or career with a solid company that provides good benefits, you probably have a company-paid health insurance policy and a life insurance policy at a decent monthly premium. This policy may be a term or a permanent life insurance policy.

That's great, because nobody is giving away, braces, childcare or piano lessons for free (if they are, please sure to let Insurance For Texans know).

In the middle of all the busyness, you want to make certain if anything were to ever happen to you, your children would have adequate funding for life's expenses and education.

With the demands of life and earning, it may be easy to set the life insurance policy and forget it. However, you'll want to keep a few things in mind if that policy is the only life insurance policy you have.

Your Policy Doesn't Move With You

Business people taking care of baby in office

The economy is unpredictable. With that, no corporate job is 100% stable. Chances are you will move around within your career. This means you may move on to better pastures but your life insurance policy doesn't move with you.

Sure, you may move on to a new company with the same or even better benefits, but now you are older and unfortunately, life insurance policies don't take into account whether or not you are aging well. When it comes to underwriting your policy, time is not a friend. It's best to get into a policy the younger and healthier you are.

You have no control over this if you are moving from on job to another.

Your Coverage Amounts May No Longer Be Sufficient

Even if you stay in the job where you have the policy, you may not have enough coverage to begin with or you have outgrown the amount needed to take care if your loved ones in your absence.

Group life insurance policies are offered through your company at a price affordable to your company. This doesn't necessarily equate to being the best coverage for you.

Even if the life insurance policy you have through your company is offered to you for free, it's still important to know if the amount of the death benefit offered to you is sufficient enough to cover expenses for burial and what you would want for your children.

You Have Affordable Options

Instead of relying solely on an employer-offered group life insurance policy, it is wise to acquire your own independent policy that will stay with you regardless of where your career track or job change takes you. 

Life will bring many changes in the lives of your children and you. You will face retirement one day (and you will have deserved it!) and you'll want a policy which will help you navigate those waters while you're alive and for those you want to provide benefits to when you are gone. 

Controlling your own life insurance policy is a piece of the puzzle of a comprehensive financial protection plan. 

Let's Talk

The earlier you acquire your own policy outside of what your company offers, its usually easier to obtain a low-cost premium due to your age and health.

As independent insurance agents, we work with you to make sure that you have the right coverage by scanning the marketplace. Our goal is to match up your needs with the right carrier. When we spot the combination, we present that to you.

We also have a soft spot for single moms doing the best they can to provide for their family.

If you would like to discover a better solution for life insurance, click the image below to get started.

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