These Groups Have the biggest Gaps in Life Coverage

Consumer groups with the biggest life insurance coverage gaps are unmarried parents, large families, women, and those with certain common health conditions, according to a white paper by Genworth. Brian Bulakites of Genworth said, “Consumers often believe life insurance costs nearly three times its actual price; this is a major contributor to the large coverage gap we’re seeing in these four groups.”

Fifty-nine percent of unmarried women have no life insurance compared to 43% of those who are married. Sixty-nine percent of unmarried fathers have no life insurance, compared to 34% of married fathers. Forty-three percent of married mothers have no life insurance, compared to just 34% of married fathers.

The study authors note that many commonly diagnosed health issues – like asthma and depression – are no longer barriers to receiving preferred rates on life insurance, which helps financial professionals close the coverage gap. The white paper includes a checklist that can help consumers identify changing needs and determine which financial obligations should be covered by a policy. For more information, visitgenworth.com/lets-talklife.

Last Updated 8/2/2017

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