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Life Insurance for parents

By Mike Heuer

In life Insurance for parents, for most single-parent homes, the death of the parent means the child will have no life insurance death benefit with which to carry on, according to a new study.

Nearly 70 percent of single parents who have children living with them do not have life insurance coverage, leaving their children highly vulnerable should the parent die, according to results of a recent poll conducted by the Darden School of Business at the University of Virginia. Officials for life insurer Genworth Financial commissioned the study.

Results indicate adults in single-parent households seldom pursue life insurance options.

“Many single parents are simply too busy — or even too scared — to properly evaluate their life insurance needs,” said Darden Associate Professor Gregory Fairchild.

The numbers are worse among households headed by men rather than women. About 79 percent of single-parent households headed by fathers earning less than $250,000 per year had no life insurance coverage. A majority of households headed by women also had no life insurance protection, but not at the same rate as those headed by men. And the more children in any single-parent household, the more likely a family is to have no life insurance protection. Lear about life Insurance for parents and get a free quote online.

Many single-parent families likely have no life Insurance for parents coverage due to the parent being dependent upon government assistance, according to researchers. But even a family earning no income would suffer an about 25 percent reduction in assistance if the parent died.

The easiest way to fill the life insurance void is to purchase affordable term life insurance coverage, which usually costs less than $50 per month for $500,000 in coverage. No health exams are required, and most term life insurance policies can be extended or converted into whole life insurance coverage as needed.  Get life Insurance for parents online and save up to 40% on insurance.