People living in any number of different situations can benefit from owning term life insurance. There are the obvious ones, like insuring the breadwinner of a family, and there are the not-so-obvious ones like covering a stay at home mother. Regardless of the situation, anyone and their dependents can benefit from having protection in place, should the unexpected happen.
But what about those for which it is vitally important to have coverage but whose financial situation might make spending on anything outside of daily living expenses somewhat difficult? Take a single mom, for instance. How much is life insurance for a single mom? Actually, you might be surprised to learn that there are flexible and affordable rates to suit virtually any person’s budget, no matter how big or how small.
When life insurance companies price policies, they do so on an individual basis, according to the applicant’s age, health and other factors like lifestyle. If an applicant is a smoker, for example, they can expect to pay considerably more for life insurance than someone who isn’t a smoker. The same can be said when someone who is relatively young applies and someone who is older applies for a policy.
Say there are two single moms applying for a term life policy with a 25-year term and $500,000 worth of coverage. One is 29 and the other is 37. The 29-year old can expect to pay as little as $24 a month for protection, while the 37-year old would pay somewhere more along the lines of $34 a month. There is, of course, a range of quotes that the single moms would receive, depending on the life insurance company and the health rating that they are given. Take both those single mothers and make them smokers, and the cost of their life insurance policy could triple or even quadruple.
Sample Life Insurance rates for a single mom.
As you can see, if you’re healthy and young, you should have very little trouble finding an affordable life insurance policy that will protect your children. Even if you are older and have a health condition, there are still insurance companies that will likely provide you with coverage for a price that is affordable, even on a single salary.
Moms call us today and we will find a plan that fits into your monthly budget.