5 things single parents should consider about life insurance

If you're a single parent, life insurance can provide financial protection for your kids should the unexpected happen. But navigating the ins and outs of life insurance can bring up a lot of questions. Here, we'll answer some of those common queries single parents ask when it comes to applying for life insurance.

The vital role of life insurance for single parents

In households led by a single parent, life insurance is more than just a good idea—it can be a critical part of financial planning. The reality is, in a single-parent family, there's no second income to fall back on. Life insurance can provide financial protection for your children—covering everything from day-to-day expenses to future education costs—in case you're no longer there to provide for them.

Despite its importance, a surprising number of individuals don't have life insurance. Nationally, Americans still rank savings accounts (58%) ahead of life insurance (54%) as what their families would rely on if a primary wage earner died unexpectedly¹—and single-parent households are especially exposed to that gap, since they have among the lowest rates of financial protection of any household type and nearly half can't cover an unexpected expense, despite high rates of full or part-time work.² If you're a single parent, it's a good idea to explore how you can ensure your family is protected.

What life insurance can cover

Life insurance is about providing financial stability for your dependents after you're gone. This could mean covering ongoing expenses like rent, mortgage payments, childcare, education, and even your own end-of-life costs. Essentially, it's about ensuring your loved ones can maintain their lifestyle and have a financially protected future, generally tax-free.

Determining your life insurance needs

Figuring out the right amount of life insurance starts with looking at your current lifestyle, obligations, and what you envision for your children's future. Beyond the basics, consider any unique financial needs your family might have. Tools like life insurance calculators can give you a rough estimate, but consulting with a life insurance agent can provide personalized advice tailored to your specific situation.

Choosing a beneficiary wisely

As a single parent, deciding who will look after your children and manage their finances if you pass away is a significant decision. It's not just about picking someone to take care of them but also choosing who will handle the financial aspect. These roles don't necessarily have to be filled by the same person. It's a tough conversation, but it's essential for ensuring your children's well-being. Remember, directly naming a minor as a beneficiary can complicate matters due to legal restrictions, so it's important to get professional advice on how to best structure your policy. Estate planning is a complex process and should be done in collaboration with other professionals you may work with (e.g. attorneys, accountants, trust officers, etc.).

Finding the right type of life insurance

Life insurance isn't one-size-fits-all, especially for single parents. If budget is a concern, term life insurance provides coverage for a set period and is generally more affordable. On the other hand, permanent life insurance, while more costly, offers lifelong coverage and can potentially accumulate cash value that can be borrowed against. Permanent life insurance adds flexibility in payments, which can be particularly appealing for single parents looking for a balance between coverage and affordability.

Closing thoughts

Obtaining life insurance can be a vital step you take as a single parent to help financially protect your children's future. It's about offering peace of mind, knowing they'll be taken care of financially if something happens to you. If you haven't applied for life insurance yet, now is a great time to start the conversation with a Midland National representative. They can guide you through the process, help you find the right coverage to meet your family's needs and give you one less thing to worry about on your parenting journey.

Life insurance policies have terms under which the policy may be continued in effect or discontinued. Permanent life insurance requires monthly deductions to pay the policy's charges and expenses, some of which will increase as the insured gets older. These deductions may reduce the cash value of the policy. Current cost of insurance rates and current interest rates are not guaranteed. Therefore, the planned periodic premium may not be sufficient to carry the contract to maturity. For costs and complete details, refer to the policy or call or write Midland National, One Sammons Plaza, Sioux Falls, SD 57193. Telephone 800-923-3223.

¹ Insurance Barometer Study, LIMRA, 2026

² Policy Levers to Support Single-Mother Economic Mobility, Urban Institute, April 2025

Neither Midland National nor its agents give legal or tax advice. Please consult with and rely on a qualified legal or tax advisor before entering into or paying additional premiums with respect to such arrangements.

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