Life insurance for single parents

One of the single greatest acts of love you can give your children is knowing their future is financially secure.

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Why life insurance matters when you’re a single parent 

Single parents face a unique challenge – they're often the only financial safety net their kids have. When you're raising children on your own, life insurance isn't just a nice-to-have; it can be a lifeline. 

Life insurance is a policy that can pay a death benefit – which is the money paid to your beneficiaries — if you die while the policy is active. For single parents, an insurance policy can help make sure your kids are financially protected, and their future stays on track if you were to die. It's one of the smartest ways to show your family you've got their back, no matter what.

Benefits of life insurance for single parents

Support your children

If you die, the death benefit may help cover child care, school needs and other essentials while your family adjusts.

Income replacement

Helps provide financial security for your children, ensuring children's essential needs are covered after your death.

Protection from debt and final expenses

Helps protect children from inheriting debt and ensures funeral/end-of-life costs don't burden the family.

Types of life insurance for single parents

The main types to consider are term life insurance and permanent life insurance. Term life insurance gives coverage for a set period. Permanent life insurance gives coverage that can last for life, as long as the policy stays active.

Type What it does Key considerations
Term life insurance Gives you coverage for a set period, anywhere from 5 to 40 years. It can be more affordable than permanent life insurance. It may suit families who want coverage for a specific stage of life.
Permanent life insurance Provides lifelong coverage as long as the policy stays active. There are 3 types of permanent policies: whole, universal, and participating. It can offer stable premiums and, depending on the product, may include cash value. Cash value is money that can build inside some permanent products.

Term vs permanent life insurance: Which one’s best for single parents?

Term life insurance works best if you're focused on cost and coverage during your kids' dependent years. The low premiums mean more money stays in your pocket for everyday expenses, and you get solid protection when you need it most. You can choose this type of policy if your budget is tight and you want maximum coverage for a set period without breaking the bank.

Permanent life insurance makes sense if you want lifelong protection and can afford higher premiums. Permanent policies tend to have higher costs because coverage lasts for life and it can cover you even after your kids are grown. Some permanent policies can build cash value over time, which you can borrow against if needed. 

The real answer? It depends on your situation.  Some single parents choose both – a solid term policy for the kids' dependent years, plus a smaller permanent policy for lifetime coverage. If you’re not sure what’s right for you, connect with a Sun Life advisor.

Learn more about the differences between term and permanent life insurance

How much life insurance do you need as a single parent?

A good starting point is to think about what your children may need if you die. That may include income replacement, debt, child-care, education, final expenses and the savings you already have.

What to include Why it matters
Income replacement Helps your family replace some of the income they may lose if you were to die.
Child-care and daily living expenses Helps cover day-to-day needs.
Debt and final expenses May help your family cover these costs.
Education goals May help support future school costs and learning needs.
Existing coverage through workplace benefits Helps determine whether you already have enough protection in place.

Our life insurance calculator can help you get started. Answer a few questions and get a quick estimate of how much insurance you may need to financially protect your children. Think of the estimate as a foundation for your decision, then compare your options and talk to a Sun Life advisor if you want help narrowing them down.

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Frequently asked questions

Term life insurance can be a good fit for single mothers or fathers because it offers affordable monthly payments, lower premiums than permanent options, and coverage when you need it most – while raising your kids. You get peace of mind without straining your budget. 

That said, some single parents with extra financial cushion might add a permanent policy for lifetime protection or as a savings component. The key is finding what works for your income and goals – term usually wins on affordability, but permanent offers long-term security. Some single parents start with term coverage and revisit their options down the road if their situation changes. If you’re not sure what’s right for you, connect with a Sun Life advisor.

No, being a single parent doesn't directly affect life insurance premiums. Insurance rates are based on factors like your age, assigned sex at birth, health, smoking status, and lifestyle habits. However, single parents may need and apply for higher coverage amounts to adequately protect their dependents, which can increase the overall cost. The key is determining the right coverage level for your family's financial needs. Connect with a Sun Life advisor for more detailed information.

Employer group life insurance is a solid safety net – it's affordable and costs are usually covered partly by your employer. But here's the reality: it's often not quite enough for single parents flying solo. Group policies typically max out at one or two times your salary, which might cover some immediate bills but won't necessarily replace your income or fund your kids' future needs. Plus, if you leave your job, that coverage usually goes away. 

A smarter move? You can use your employer group policy as your foundation, then add an individual policy on top to close the gap. That combination can help give you the coverage you need. Layering your protection can help you secure your family's future. For more detailed information, connect with a Sun Life advisor.

It helps to review your beneficiaries after major life changes, such as a change in family circumstances. The people you name in a policy are called beneficiaries, and they can usually decide how to use the money after you die. If you want to name a minor child or set out more detailed instructions, talk with an advisor about how the money could be paid out and managed. Connect with a Sun Life advisor for more detailed information.

Additional resources

Life insurance for singles

Life insurance can benefit you regardless of your marital status. If you’re single, here’s why you may want to consider getting life insurance.

Life insurance for new parents

Whether you're welcoming your first child or thinking of starting a family, you'll need protection that grows with your changing needs.

Family insurance

A family insurance solution can give you reassurance that your loved ones will be cared for, even in your absence or illness.

A Sun Life advisor can address all your questions and help you figure out which insurance product best meets your financial needs.

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This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.

Reviewed by Jean Turcotte