Most of us worry about money, whether we like to admit it or not. What is interesting is that 31% of respondents indicate they are “very or extremely concerned” about a variety of monetary matters.
According to the new 2023 Insurance Barometer Study by Life Happens and LIMRA, these worries range from feeling anxious about repaying school debt (18%) to not saving enough for a happy retirement, which comes in first place with 44% of respondents.
Single mothers’ financial worries
In-depth research on single mothers reveals that their financial worries are generally higher, frequently by double digits. Here are just three issues that single mothers face differently from the general population:
Financial security for a comfortable retirement: 58% against 44%
Leaving behind dependents
Multiple Benefits of Owning It
Similar to the general population, covering burial costs is the main reason single moms (63%) purchase life insurance. Only 25% of people claim they have it to make up for lost income, though. Although every person’s circumstances are different, this statistic is alarming for single mothers who are the only source of income.
Many people also are not aware that life insurance can solve a variety of financial problems via a permanent life insurance policy, including education costs and retirement income (mentioned as top concerns) in addition to covering burial costs and income replacement.
The good news is that the obstacles that frequently prevent people from obtaining life insurance, even single mothers, are simple to get around.
Advice for Single Mothers.
Numerous Advantages of Owning It
Similar to the general population, 63% of single moms say they get life insurance to pay for funeral expenses. However, just 25% of respondents claim to have it to replace lost income. Although every person’s situation is unique, especially single mothers who are the only source of income, this number is concerning.
Many people are also unaware that life insurance can, through a permanent life insurance policy, address a number of financial issues, such as education expenditures and retirement income (listed as top concerns), in addition to paying for funeral expenses and replacing lost income.
The good news is that it is easy to get through the barriers that frequently prohibit people from getting life insurance, including single mothers.
Tips for Singles
Most of us worry about money, whether we like to admit it or not. What is interesting is that 31% of respondents indicate they are “very or extremely concerned” about a variety of monetary matters.
According to the new 2023 Insurance Barometer Study by Life Happens and LIMRA, these worries range from feeling anxious about repaying school debt (18%) to not saving enough for a happy retirement, which comes in first place with 44% of respondents.
Single mothers’ financial worries
In-depth research on single mothers reveals that their financial worries are generally higher, frequently by double digits. Here are just three issues that single mothers face differently from the general population:
Most of us worry about money, whether we like to admit it or not. What is interesting is that 31% of respondents indicate they are “very or extremely concerned” about a variety of monetary matters.
According to the new 2023 Insurance Barometer Study by Life Happens and LIMRA, these worries range from feeling anxious about repaying school debt (18%) to not saving enough for a happy retirement, which comes in first place with 44% of respondents.
Single mothers’ financial worries
In-depth research on single mothers reveals that their financial worries are generally higher, frequently by double digits. Here are just three issues that single mothers face differently from the general population:
Financial security for a comfortable retirement: 58% against 44%
Leaving behind dependents
To find out more about how to get life insurance for single moms, visit us at:
or call us at:313-561-2486
