Affordable life insurance for single parents

As parents, we all do our best to ensure not only that our children’s basic needs are covered, but also that our children are given every opportunity to maximize their future potential. With three children of my own, I know the responsibility of parenting is daunting enough when you have a partner to share the load. I, therefore, tip my hat to all the single parents who sacrifice so much for the sake of their family.

With all that life throws at us these days, I am no longer in awe of the insane circus performer who juggles five deadly objects, while riding a unicycle along a suspended tightrope without a safety net. His act only takes 5 minutes. The juggling and balancing required by parents is no less difficult and never ends. Unfortunately, even the most skilful performers will eventually drop the flaming torch or fall off the unicycle. I.e. we all need a safety net.

The topic of Life Insurance is one Australians tend to avoid. Perhaps it has something to do with the emotions evoked when considering the mortality of ourselves or our loved ones.

The loss of or damage to a car is inconvenient, but in reality, how quickly would you recover if your car was gone tomorrow? And yet more than 80% of Australian’s insure their cars.

Now consider the financial impact to your family if you were not around or unable to work tomorrow. Would your family recover? If so, how long would it take?

Studies1 show that:

  • One in five families will be impacted by the death of a parent, a serious accident or illness that renders a parent unable to work
  • The typical Australian family will lose half or more of their income following a serious illness, injury or the loss of one of parent as a result of underinsurance
  • 95% of families do not have adequate levels of personal insurance

So while it is not a pleasant thought, all parents need to consider what would happen to their family if their ability to earn an income, cook the meals, drive the taxi, etc. was suddenly taken away.

Because we know exactly how busy you are, here are some useful tips to help make process of finding affordable life insurance quick and easy.

Figure out how much you need

Generally the level of cover you require relates to how much income you earn and how much debt you have.

Our helpful life insurance calculator is a great place to start.

Look for affordable quality

In general, you get what you pay for, but only if you’re comparing Apples to Apples. For example, there are many direct life insurance products that are lower quality than products obtained through a financial adviser, but a lot more expensive.

We discuss how to find good quality, cheap life insurance in another one of our posts.

We also provide instant life insurance quotes from a number of life insurance companies directly on our website.

Read the product disclosure statements

Before you decide on any life insurance policy, be sure to read the product disclosure statements that all life insurance companies must provide. These documents tell you everything you need to know about the product.

How We Can Help

Our life insurance specialists have provided peace of mind to 100s of Australians by helping them protect their families from unexpected death, accident or illness. Our clients also have the comfort of knowing we’ll be there to represent them in the event of a claim.

Contact us today for a no obligation consultation about your life insurance needs. We can help you quickly and easily compare life insurance premiums and choose an affordable life insurance policy that’s right for your family.


1. Lifewise/NATSEM Underinsurance Report – Understanding the social and economic cost of underinsurance, February 2010