According to Genworth Financial's 2011 LifeJacket Study, conducted with help from the University of Virginia's Darden School of Business, 69 percent of single parents with children living at home make up the highest percentage of uninsured Americans when it comes to life insurance.
The research also revealed men and women aren't life-insured equally. The survey pointed out that 79 percent of single male parents with children living in the household are uninsured, versus 66 percent of single female parents with children living in the household.
Interestingly enough, income was not a factor when it came to life insurance – or lack of it. However, the level of uninsured households tends to increase as the number of children increases, especially at lower income levels.
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"We find that many single parents are simply too busy – or even too scared – to properly evaluate their life insurance needs," said Gregory B. Fairchild, associated professor at UVA's Darden School of Business, who collaborated with Genworth Financial on the study. "This is an understandable fear because the first level of financial safety – the other parent – isn't there."
For more information, access www.genworth.com.
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