Only a ten percent of mothers the age of thirty made use of a financial advisor, unlike the fifty five percent of mothers aged between forty six to sixty five years old, who consulted a financial advisor on how they were going to insure their growing families. Rockford implies that there is a connection between categories of buyers, most likely to be uninsured or underinsured, and a low frequency in which these buyers seek advice from financial consultants. Rockford equated a lack of understanding of financial planning to the outcome of people eradicating life insurance from their financial goals.
Therefore, there is a possibility that lack of comprehending financial planning and its importance could be the reason why more than eighty percent of new mothers are either uninsured or underinsured. The survey also revealed that thirty five percent of fathers between the ages of eighteen and thirty had life insurance.
This survey has indicated that the current generation seems to be less concerned with life insurance products and the highest percentage of them being new mothers. It has been observed that young mothers tend to rely on their working spouses to get them life insurance, thus they may not find it necessary to buy insurance themselves. However, this same survey showed that more than thirty percent of women aged between forty six and sixty four had life insurance, and more than forty percent within that age bracket were covered.
Thus it has been noted that it is necessary that the importance of life insurance is shown by financial consultants, so that more people may buy life insurance and more so realize the importance of an insurance cover. Life insurance may also come in handy during times of tribulation, as Rockford has noticed that losing a spouse in a family may cause financial strain to a family thus the need to have life insurance to help during turbulent times.
