KNOXVILLE (WATE) – Life insurance covers the unexpected and it’s always good to cover yourself for unforeseen occurrences.
Susan from Rockwood asks: “I’m a single mom and have no life insurance. With no coverage, am I making a mistake?”
When it comes to life insurance, most women either don’t have a policy or they are under insured.
For example, if you are a single mom, you shoulder most, if not all of the responsibility of raising your family, and are arguably the most in need of a life insurance policy.
Yet, a 2011 report by Genworth Financial found that 66 percent of single mothers lack a policy.
Financial advisers will tell you life insurance is a necessity for anyone with dependent children.
Marriage should not exclude a woman from life insurance today, because 61 percent of women bring home a paycheck.
Yet, financial planners say, if something were to happen to that working mom, without a life insurance policy, the family could be in financial trouble without that double income.
Even without children, a single woman has financial responsibilities. Single women may not need such a significant policy as someone with dependents, but there is a chance that debts you leave behind cannot always be paid by your beneficiaries, and you don’t want to leave them with unburdened costs.
When considering purchasing life insurance, how much you need will depend on the number and age of your children, your income level, debt level and the value of your assets.
No one wants to give the matter much thought, but financial experts say there is something reassuring about knowing that, if the worst were to happen, your family would be financially secure with life insurance.