Life insurance study shows single parents are severely uninsured
Many Americans still suffer from a lack of insurance coverage as a result of the economic recession. According to the 2011 Genworth Financial LifeJacket Study, released today, single parents with children residing at home have the fewest options when it comes to insurance.
The study shows that these parents account for the largest percentage of uninsured Americans in the nation. Of those that can afford coverage, whether through employment or government initiatives, only a small percentage has life insurance, causing their children to be at risk in case of an unexpected death.
The study was developed as a collaborative effort between Professor Gregory B. Fairchild of the University of Virginia and the Darden School of Business.
Gregory Bucko, director of customer innovation at Genworth Financial companies expressed his surprise at the findings, saying that it was remarkable that the group arguably in the most need of life insurance had the highest rate of uninsured people. Bucko cites the financial burden imposed on single parents as the primary culprits. According to his research, even small fluctuations in the cost of coverage can has dramatic effects on their ability to be financially independent.
Genworth has introduced a new program they call The LifeJacket Project that is designed to help the uninsured obtain affordable coverage. The program aims to educate consumers about life insurance and will help them get in touch with financial professionals that can help find ways to make policies more affordable.
Bucko asserts that life insurance is important to protect families and their future.