When you are the one everything rests on
Single parents carry the earning, the caring and the planning. There may be an ex-partner who pays maintenance, or there may not. Either way, your children depend on you for most of what they need. That can make planning feel like one more job on a long list. A short conversation now can take a lot of that worry off your plate.
The questions single parents ask us are very practical. Who would bring them up? Would that person be able to afford it? Would the children have to move school? Life insurance cannot answer the first question, but it can make the others much easier for whoever steps in.
Money for whoever raises your children
If you died, a guardian, often a grandparent, sibling or close friend, would take on the cost of raising your children. They might need a bigger home, a bigger car or fewer working hours. Your cover should help them do that without strain.
Many single parents aim to replace their income until the youngest child is an adult, then add a lump sum for one-off costs. Family income benefit can give the guardian a steady monthly amount, much like the salary you would have brought in.
- Day-to-day living costs for each child until adulthood
- Childcare so the guardian can keep working
- A deposit or adaptation if the guardian needs more space
- Savings towards education or a first home for the children
Trusts and guardians work together
A will names the guardian who would care for your children. A trust names the trustees who would control the money. They can be the same person, but many single parents choose at least one trustee who is not the guardian, so there is a second pair of eyes on how the money is used.
If your policy is not in trust, the payout falls into your estate. The money may then wait for probate and could, depending on your will, be paid out in ways you did not intend. A trust lets you set out your wishes clearly.
Protecting yourself while you are alive
As a single parent, a long illness could hurt your family as much as death would. If you could not work for months, the bills and the childcare would still arrive. Income protection pays a monthly sum while you recover, and critical illness cover pays a lump sum if you are diagnosed with a covered condition.
You do not need every type of cover at once. We can help you decide which matters most for your budget and add the rest when you can. A small amount of income protection can be a good start for a parent who rents and has no savings buffer yet.
Choosing the term and amount on a tight budget
Money is often tight for single parents, so put cover where it does the most good. Start with the years until your youngest turns eighteen or finishes education. That period carries the heaviest cost for a guardian, and a term matched to it keeps the premium lower than a longer policy would.
If you own your home, decide whether you want the mortgage cleared so the children could stay in the house, or whether a guardian would sell and use the money elsewhere. Both are reasonable. A short letter of wishes alongside your trust can explain what you would like the trustees to do.
Your needs will shift as the children grow. A new partner, a move or a pay rise can all alter what you need, so plan to review your cover every few years rather than setting it once and forgetting it.
How Hi Tomorrow helps single parents
We understand that money and time are often tight, so we keep things straightforward. We ask about your children, your income, any maintenance you receive and who you would want to care for them, then compare the insurers on our panel.
We help with the application, explain the trust forms and talk you through choosing trustees. We will also suggest you make or update your will, as that is where guardians are named. Without a named guardian, the courts may need to decide who looks after your children, and a will removes that uncertainty.