WOBURN, Mass.--(BUSINESS WIRE)--Raising kids is a joy and a challenge and for those who are parenting solo, one thing remains true: their children depend on them alone. From work, parent-teacher meetings and coaching their child’s soccer team to homework, laundry, and cooking dinner, single parents can sometimes feel as if they’re carrying the world on their shoulders.
In recognition of the hard work, devotion and sacrifices of single parents, President Ronald Reagan signed a proclamation on March 21, 1984 establishing National Single Parent Day, which marks its fortieth observance on March 21, 2023.
The U.S. Census Bureau recently released estimates showing there were 10.9 million one-parent family groups with a child under the age of 18 in 2022, and that 80 percent of one-parent family groups were maintained by a mother.
According to life insurer SBLI, it is especially important for single parents to secure their children’s future with the creation of an estate plan, a will or trust to direct the distribution of their assets, and ensuring they have sufficient life insurance coverage.
With the primary goal of replacing income lost due to a premature death, term life insurance can help make certain future dreams are realized and debts are paid, including a home mortgage, current and future tuition costs, credit card balances, medical expenses and more.
Term life insurance offers the most death benefit protection at the lowest cost, and the premium remains the same during the selected level period. In fact, a 35-year-old non-smoking female could buy a $500,000 20-Year Term policy for as low as $17.88 a month.1
Single parents hold down the fort for their families on their own, day in and day out. By planning ahead, they can rest easy knowing that no matter what, their children’s needs will be provided for well into the future.
For more than 115 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing simple, affordable life insurance solutions. Whether it be term life, whole life or a plan that combines the two, we offer solid protection and caring customer service at a fair price. For more information, visit www.sbli.com.
1 This rate is for a female, age 35, best class, 20-Year term policy with a face amount of $500,000. Monthly premiums are available only when using SBLI’s Automatic Payment Plan. Rates vary by age, gender, health, and amount of insurance. Policy form B-56 series.
The Savings Bank Mutual Life Insurance Company of Massachusetts, Woburn, MA. NAIC #70435. Products and features may not be available in all states. © 2023 All rights reserved. 23-4085 03/23