Money worries are something almost everyone deals with, but for single mothers, those concerns often feel heavier and more urgent. A recent study highlights just how much more pressure single moms face compared to the general population, especially when it comes to long-term security and caring for their children.
The Financial Strain on Single Moms
When it comes to financial stress, single mothers consistently report higher levels of concern than the average household. For example:
- Nearly 60% worry about being able to retire comfortably.
- Over half fear leaving their children in a tough financial position if something unexpected happens.
- About 40% are anxious about how they’ll afford college for their kids.
These numbers stand well above the national averages, showing just how much responsibility rests on the shoulders of single moms.
How Life Insurance Provides Relief
One tool that can ease some of that financial pressure is life insurance. Studies show that people who own life insurance feel significantly more secure than those who don’t—and this difference is even more noticeable among single mothers. Yet, only about four in ten single moms have coverage, leaving millions without the protection they need.
The main reason many single mothers do purchase life insurance is to cover funeral costs. While that’s an important start, it’s just one of many ways a policy can help. Life insurance can also replace income, support children’s education, and even contribute to retirement planning when structured properly.
Overcoming Barriers to Coverage
A common misconception is that life insurance is too expensive. In reality, most people dramatically overestimate the cost. Even a modest policy—sometimes as little as $20 a month—can provide meaningful coverage. Starting small is better than having nothing at all, and policies can be adjusted over time as your budget allows.
For those who can, moving from a basic term policy to permanent coverage is worth considering. Permanent insurance not only provides lifelong protection but can also build cash value. That money can later be used for important expenses, such as tuition or supplemental retirement income. In some cases, it can even include benefits that support long-term care needs down the road.
Taking Steps Forward
The most important thing is to begin. Whether it’s securing a starter policy or planning for permanent coverage in the future, taking action today provides peace of mind for tomorrow. Working with a financial professional can also help you sort through options and find a plan that fits both your needs and your budget.
For single moms, life insurance isn’t just about planning for the unexpected—it’s about creating stability for your children and building a foundation for your own future. By addressing it now, you give yourself one less worry and provide your family with the protection they deserve.
