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Single parents have least amount of life insurance

01/19/12

A recent study revealed that single parents across all income levels have the least amount of life insurance among all demographics, given their needs.

The Genworth Financial study reported that 69 percent of single parents with children living at home lack life insurance.

Single parents sometimes carry the load of supporting themselves and their children on one income, which might make it financially taxing to pay for insurance, but the lack of coverage might also leave their children without essential financial support in the event of unforeseen circumstances.

According to experts, another factor in single parents not securing life insurance is that they are unaware of the importance of the products, and do not know how to use their resources to create wills, trusts and other documents that could assist their children if the need should arise.

“It seems to me,” said New York Life agent Gary Chipurnoi, “that for many of my clients, no one actually took the time to sit them down and explain the dangers of being uninsured and the potentially negative impact it can have on their children’s lives.”

While the lack of life insurance among single parents is cause for concern, single parents are by no means the only Americans who lack this crucial form of coverage. According to a study by LIMRA in 2010, 30 percent of households in the United States have no individual or employer-provided life insurance.

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