Obtaining life insurance is a huge challenge for 69 percent of single parents, according to a new study conducted by Genworth Financial. The study found that unmarried parents, especially those with children living in the home full-time, are the largest group of people without life coverage.
Single Parents Struggle to Buy Coverage
Parents who are unmarried or divorced struggle the most to secure life insurance for their families. According to the survey, in addition to the high number of single parents struggling to buy coverage with children in the home full-time, 59 percent of single parents with children in and out of the house are without life insurance.
This is compared to 45 percent of married parents with children in the home that carry coverage and 49 percent of the entire U.S. adult population that covers some type of life insurance coverage.
The survey found that the number of uninsured households tends to increase as the number of children increases. This is especially true for single parents earning lower incomes. For families with five or more children, the likelihood of being uninsured drastically increases.
Securing Coverage Harder for Unmarried Male Parents
Genworth Financial found that of those surveyed, 79 percent of unmarried men who are not homeowners, have children in the household earning up to $250,000 per year are without a life insurance policy. This is compared with 66 percent of women who earn less than $50,000 per year.
The reason that many men, and single parents as a whole, don’t secure coverage is because they are too busy and sometimes too afraid to make the purchase. Also, some say many individuals are not educated enough about life insurance and therefore, lack the confidence to buy their own.
If you are interested in getting insured but feel uneducated in this area, start by learning the difference betweenterm and permanent life insurance. By understanding these types of coverages, you could determine which route is best for you then start shopping for companies that meet your needs at an affordable price.
