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1021223-00006-00
David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
January/February 2025
Unmarried with Children
According to the 2023 U.S. census, one in four parents were unmarried, a sharp increase in recent years. More parents also have unmarried partners than in the past, which doesn't change the fact that most parents — especially single ones — should have life insurance.
The Situation
Unmarried couples living together with their families have the same life insurance needs as married couples. And while there are a few different types of life insurance, they all share one ultimate benefit: The person (your significant other) or persons (children) named as your policy's beneficiary will receive the same financial benefits as families headed by married couples.Unmarried couples can name each other as beneficiaries if they can prove they have an insurable interest in each other because they provide financial or other support. Then, if the unthinkable happens to one of them, the other could keep their financial ship afloat with life insurance proceeds.
In contrast, single parents living with their minor children but without a partner have to depend on themselves. They likely need life insurance and legal documentation that addresses their children's care if the other parent is out of the picture.
Determining Your Needs
How much insurance will you need? It depends on how many children you have, if they would need childcare, whether your surviving spouse or partner intends to work, and more. Working single parents may have access to life insurance through their employers.In many cases, they may need more insurance than is available through the workplace. You can work with an insurance professional to determine how much and what type of insurance is best for your situation.
There's a life insurance policy for everyone. If your budget is tight, purchase what you can through an employer, who likely offers group life insurance at a lower cost than individual insurance.
You might start with term insurance, which is pure life insurance. This type of insurance does not build cash value and premiums increase with time, but it does offer the all-important death benefit. You might look for policies you can convert to whole life insurance, which can accumulate cash value and features premiums that remain the same should your financial situation improve.
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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