Life Insurance protects those who depend on your paycheck. If you die prematurely, it can provide ongoing income to your dependents until they are able to live comfortably without it. It can also provide emergency support for legal, medical, and funeral costs, should family savings not be sufficient to cover them. So it may seem that people like single parents would be the biggest customers of life insurance. But a 2011 study done by Genworth has shown that single parents – the group arguably most in need of life insurance – are among the highest uninsured people in the U.S.

The study, the Genworth Financial Life Jacket Survey, showed that many single parents – 69% of those with children living at home and 59% of those who don’t have children living at home – have no life insurance.

Life Insurance is a great way to make sure that your children and other family members will have more financial peace of mind in the event of your death. When you die, monetary benefits will be endowed to your children, or to other heirs that you establish. So for single parents this would be a great idea, especially for those who are solely supporting their children, with no help at all from the other parent.

“We find that many single parents are simply too busy – or even too scared – to properly evaluate their life insurance needs,” said Gregory Fairchild, executive director of the Tayloe Murphy Center at the Darden School of Business. “This is an understandable fear because the first level of safety – the other parent – isn’t there. The study revealed the severity of this situation, not just among single parents, but married ones, too. The insurance industry has an opportunity to better educate customers and give them the tools and resources to help protect themselves and their families.

We at CBU would be more than happy to help find you appropriate and affordable Life Insurance options, or even just to answer your questions about it. Call today for more information and/or to schedule a free consultation.