Insurance Insights Blog

How Much Life Insurance Do I Need? A Guide for Moms

Written by Kemper | May 6, 2025 8:48:43 PM

As a mom, you work hard to provide for your family. But have you thought about what would happen if something happened to you? Life insurance helps protect your loved ones by covering essential expenses while easing financial stress to those left behind. Whether you’re a single mom doing it all, co-parenting, or part of a two-parent household, life insurance is one of the most important ways to help protect your family from debt or financial loss.

 

How does life insurance work? 

Life insurance is a contract between you and the insurance company. You pay a small amount called a premium, every month, and in return, the company promises to pay a lump sum - the death benefit - to your loved ones (the beneficiaries) when you pass away. As long as your payments are up to date, your policy remains active.

How much life insurance do I really need?

The answer depends on what you can afford and what’s most important to cover. If you can’t replace a full salary, make sure your family can handle essential costs without struggling. Your policy should help with:

  • Funeral & final expenses – According to the National Funeral Directors Association (NFDA) the average funeral and burial costs $8,300*. Life insurance prevents this burden from falling on your family. Receiving a life insurance benefit keeps your family from asking others for assistance or starting online fundraisers.
  • Rent or mortgage – Even a small policy can help cover housing costs for a few months
  • Utilities and food – Basic necessities your family will still need after you’re gone
  • Outstanding debts – Medical bills, credit cards, or personal loans.

Term vs. Whole Life? What's best for me?

 

Term life insurance: 

It’s more affordable and covers you for a set number of years (e.g., 10, 20, or 30 years). If you pass away during that time, your family receives the benefit. It’s ideal for moms on a budget who want the most coverage for the lowest price.

Whole life insurance: 

This insurance lasts a lifetime and builds cash value over time. While it costs more, it provides permanent protection and can be used for future expenses.

What can I afford?

Contrary to popular belief, life insurance can be quite affordable. Let a Kemper Life Insurance agent come to your home and personally work with you to find the best option that fits you, your family and budget because peace of mind is priceless.

Source: *https://nfda.org/news/statistics

 

 

Kemper Life is the brand name for insurance products issued by subsidiary insurance companies controlled by Kemper Corporation. Each subsidiary of Kemper Corporation is solely responsible for the insurance products it underwrites and issues. 

This material is for informational purposes. Consider your own financial circumstances carefully before making a decision and consult with your tax, legal, or estate planning professional.”  

*All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.  Please contact your agent or nearest district office for more information.