If you’re a single mom, whether divorced or never married, you’re likely always thinking about how to ensure the health and welfare of your child(ren) no matter what happens to you. The task of picking someone to become guardian is the first and most daunting one. What if you don’t have a friend or relative who’d want to do it—or who’d have the required patience and energy? Here are 7 big questions you need to consider when it comes to appointing a guardian for your kids.
Then there’s money. If you aren’t around anymore or become disabled and can’t earn an income, who’s going to finance the rearing of your kid(s)? Recent stats put the minimum amount to raise a child at $286,000, according to a CBS report on figures from the Department of Agriculture (huh? the DoA?). And the more money you make, the more you spend on rearing your child(ren) so if you’ve got money, that number could be substantially higher.
The cost of life insurance is not included in that hefty figure. Now I’ve not had any life insurance since the days I was married, so I’m not an expert on this topic. But I do know I wished many times that I could have afforded some. And I know that many sources I’ve checked over the years advised that term life insurance was the best type to invest in. That said, here’s an article that talks about the potential benefits of life insurance, either term or whole life, for single parents. It makes some good points. But consult other resources that aren’t affiliated with the insurance industry before you make a decision.
For myself it was a huge relief when my kids grew up and became independent. My daughters did have to put up with a lot because there was a divorce, but we are lucky. They’re both wonderful adults I’m proud to call my family. Be strong. Be creative. You can do it, single moms!
And don’t forget to congratulate yourself and all your single friends this July 29 through August 4—it’s Single Working Women’s Week again. Celebrate your courage and creativity. It’s a special time to be good to yourself and to all your single women friends.