Life Insurance by Situation
What is the best life insurance for single parents?
Single parents have a critical need for life insurance — there is no second income to support the children if the single parent dies. Term life insurance is the most affordable option. Coverage should be enough to replace income until the youngest child is financially independent.
Key Points
- Single parents: critical need for life insurance
- Coverage should replace income until youngest child is financially independent
- Term life insurance: most affordable option
- Coverage amount: typically 10-12x annual income
- An independent agent can help you find the best life insurance for single parents