As a single parent you intuitively realize that you needs your life covered by life insurance should you experience an untimely death and consequently leave a burden on someone else to raise your children. The main consideration has to be how much life insurance do you need and can you afford it.
Health Insurance
As a working parent, you intuitively realize that you need health insurance to cover both you and your children should a major health incident occur. If your employer provides health insurance which covers you and your children, then it eliminates this concern as long as you are employed. However if you become unemployed, then you have a challenge - COBRA is an option, private health insurance, or even Medicaid if you're in a low income bracket.
Disability Insurance
For working single parents disability insurance has to be a consideration. The premiums are low and it would pay you roughly 60% of your income in benefits, should you become disabled and can't work at your current occupation. However, it is important that your disability insurance provide you benefits should you be unable to work at "any type of occupation".
Property and Casualty Insurance
Property and casualty insurance such as homeowners insurance if you are a homeowner is nearly always mandatory if you have a mortgage. Your mortgage contract require you to have at least a Standard Fire Policy to cover the outstanding balance on your mortgage and will, indeed, allow the mortgage company to place it on your behalf and at your expense, if you don't have a Homeowners' policy. In this instance, your Personal Property will not be covered in a Loss. And, most states have a mandatory requirement that you carry the minimum liability insurance coverage if you drive a car.
There some key considerations that pertains to each type of insurance. With regards to life insurance, in addition to determine how much coverage you need, you need to decide between, term, whole life, or universal life which is a hybrid of term and whole life and provides a flexible premium and can be interest sensitive.
With regards to health insurance you need to decide whether you want a major medical or a hospital indemnity plan and to decide how much of a deductible you will be willing to absorb if you choose a major medical plan. With regards to disability insurance you would need to consider how long a waiting period is acceptable and how long you want to receive benefits.
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