According to the recent Genworth Financial study, single parents make up one of the biggest insurance gaps in the country, and their lack of life insurance puts their children at a risk for financial hardship.
The annual Financial LifeJacket Study found that single people are 36 percent below the national level of life insurance coverage rates.
Additionally, there are differences along gender lines, the source says. The results showed that 13 percent more men with children who earn an income of less than $50,000 per year are uninsured than women in the same category.
"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 U.S.," said Genworth's Director of Customer Innovation, Gregory Bucko. "It's a common misconception that life insurance is …. something you need to purchase all at one time. .... Even small increases in a person's life insurance coverage over time can mean the difference between financial independence and financial hardship for their loved ones in the event of a death."
Other recent surveys have shown similar findings, reflecting that some individuals are foregoing life insurance in an effort to save money and remain financially stable during the recession.