Life Insurance Blog | Efinancial

Survey finds many single parents are uninsured

  

 Email Article  

Tweet  

  

  

A survey released by Genworth Financial found that 69% of single parents with children still living at home are uninsured.  The research confirms that children of single parent homes are at greater risk to endure financial hardship if their sole provider were to pass away.  Single parents make up the highest percentage of uninsured Americans compared to 45% of married parents with children living at home.

The survey also discloses that single fathers with dependent children are more uninsured than single mothers, and the percentage of uninsured single parents does not radically decrease as income rises.

• 79% of single men with dependent children, who are not homeowners, and earn an annual income of less than $50,000 are uninsured compared to 66% of women in the same category.
• 79% of single men with dependent children, who are not homeowners, and earn an annual income between $50,000-250,000 are uninsured.
• 56% of single women with dependent children, who are not homeowners, and earn an annual income of more than $250,000 are uninsured.

As a single parent, you might be too busy balancing the challenges of work and running a household to think about buying life insurance. Or, if you are like most, you don’t want to think about what may happen in the event of your death—an understandable fear since you are the sole person making your family’s financial decisions. The responsibilities of raising and protecting your family are on your shoulders alone, but life insurance can help make sure that your children will be financially cared for if anything were to happen to you.

Efinancial can help you find the protection for the people who are counting on you. Visit www.efinancial.com to learn more about the benefits of owning life insurance for your family.