Why Single Dads Need Life Insurance

Single dads do it all. From providing all the basics to keeping up with all the extras, your kids probably look at you like a real-life superhero (and we do too!).

And while none of us want to think through the worst-case scenario, we know that’s a superhero talent as well—one you’re more than capable of handling and we’re ready to help you tackle.

Why single dads need life insurance

We’re covering just a few of the most important reasons that single dads need a life insurance policy.

To cover final expenses

Final expenses could include the price of funeral or memorial arrangements and embalming and casket services or cremation. A 2021 study from the National Funeral Directors Association reports rising funeral costs with a median price of $7,848.

To pay off outstanding debts

For property and assets that were solely in your name, compensation will be acquired from your estate (all the money and property you own) through a legal process called probate.

Compensation for unpaid medical bills, for example, may have to be collected from your estate by a care provider or collection agency.

For loans and lines of credit that you carry with a co-signer, like a mortgage or credit card, the co-signer will be held responsible for paying off the debt.

Whether that co-signer is a family member or a business partner, having funds available through a life insurance policy would ease the financial burden on your survivors.

To protect your home

If you own a home, it’s probably a special place and a key element to your children’s sense of security. In addition to monthly mortgage payments, even the nicest house comes with hidden costs—from roof repairs to the unexpected plumbing issue, it’s worth considering how your home could not only be kept but also well-maintained in the years to come.

To cover the costs of childcare and activities

Childcare is so many things. If your children are little, you’re probably familiar with daycare bills (ouch) and the cost of babysitters. If they’re past the toddling stage, you may have moved on to summer camps, sports teams and music lessons (cha ching, cha ching, cha ching).

Knowing the guardian of your children could continue to provide them with the people, places and activities that bring them joy is a big reason to secure life insurance.

College tuition

For your children, college might be a destination that’s down the road or just around the corner. Either way, the price tag on that investment is no mystery. In your absence, the availability of financial support through a life insurance policy could ensure that not only tuition was covered but also room and board, books and trips to visit friends and loved ones.

What type (and amount) of life insurance is best for single dads?

While every situation varies, we generally suggest a term life insurance policy for single dads. A policy like Quility Level Term (QLT), for example, offers flexible terms (10, 15, 20 or 30 years), the option of additional riders, up to $1M in coverage and affordable rates starting as low as $18/month.

Best of all, you can apply for this type of policy in 10 minutes or less, completely online and from the comfort of your couch!

To determine which amount and term length is best for you, ask yourself these questions:

How much do I make per year? You’ll want a policy with a death benefit that provides at least 10-15 times your yearly income.
What are my outstanding debts?
What future expenses do I want covered (college, graduate school, etc.) and for how many years do I need to cover the basics (childcare care, extracurriculars, etc.)?

To learn more about choosing the right term length for your family, check out our guide to how long your life insurance should last.

Designating beneficiaries

While you know you’d want the death benefit to be primarily allocated to your children, it’s important to remember that minors cannot legally accept money from a life insurance cash out.

Just as you would establish guardianship through a will, you can set up a trust in which you specify how the money should be distributed and spent. The trust can then be your designated beneficiary and an assigned trustee will carry out your wishes.

Remember to always share your end-of-life plans with your children’s guardians and loved ones. Make sure they know where to find important documents, like your life insurance policy, and how to file a claim.

Wondering how to designate a beneficiary for your life insurance policy? Get all the answers in our article on the Basics of Beneficiaries.

Apply in 10 minutes or less and be in the carpool line with time to spare!

Considering your children’s needs, both now and in the event of your absence, is a super-sized act of love and just another single dad superpower we’re adding to the list.

Get a free quote and apply online today in 10 minutes or less.

Why Single Dads Need Life Insurance

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