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.
