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Single parents lack life insurance

March 27, 2011 at 8:10 PM   |   Comments

RICHMOND, Va., March 27 (UPI) -- Most U.S. single parents -- no matter what their income -- with children living at home have no life insurance, a survey says.

The Genworth Financial LifeJacket Study, developed in collaboration with Gregory B. Fairchild of the University of Virginia's Darden School of Business, indicates 69 percent of single parents with children living in the household have no life insurance, while 45 percent of married parents with children in the household have no life insurance.

"We were surprised to find that single parents -- the group arguably the most in need of life insurance -- are among the highest uninsured people in the United States," Gregory Bucko of Genworth Financial companies, says in a statement.

The study also indicates:

-- 79 percent of unmarried men who are not homeowners with children in the household and earning an income of less than $50,000 per year are uninsured compared with 66 percent of women in the same circumstances.

-- 79 percent of unmarried men who are not homeowners with children in the household making between $50,000 to $250,000 per year are uninsured.

-- 56 percent of unmarried women who are not homeowners with children in the household but making more than $250,000 are uninsured.

"We find that many single parents are simply too busy -- or even too scared -- to properly evaluate their life insurance needs," Fairchild says.

Ruf Strategic Solutions collected data for the study via the telephone, online and mail of more than 23,000 adults over 15 months.

Topics: Most U.S.
© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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