Report: More grandparents caring for young children

Dec 21, 2010

Multi-generational households have been on the rise in recent years.

A recent report is calling attention to the larger number of children across the country who are being raised by their grandparents - and in many cases, this could help illustrate the importance of carrying a life insurance policy.

After all, life insurance experts typically advise parents to secure financial protection for their loved ones by carrying a policy that is sufficient to meet their future educational needs and to help the family adjust to other economic factors like lost income and funeral expenses.

According to the Pew Research Center, about 2.9 million children nationwide are currently being raised by grandparents.

The center found that between 2007 and 2008 this figure rose most rapidly among white families, posting a 9 percent gain. In contrast, the number of black grandparents caring for children increased 2 percent during this period, while the number of Hispanic grandparents remained unchanged.

For grandparents who find themselves raising children, an investment in life insurance can be an equally crucial way to help protect younger loved ones financially - especially if their parents are not currently a major part of their lives.

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