A recent life insurance study has highlighted the fact that there are four large consumer groups all over the country that are likely to suffer from gaps in their life insurance coverage, which could impose a financial strain on their lives. The four groups which are susceptible to gaps in insurance are unmarried parents, large families, people with existing common health concerns and women.
This study was conducted by Genworth Financial Inc and was given the title “Getting over the gap: Insights on life insurance coverage in the US”. The focus of the study was the four main groups that can gain the most from insurance reviews since they are likely to have insurance gaps. Officials from Genworth opine that large families form a part of the four groups because the life insurance policy may seem like a luxury to them. The study has revealed that the chances of one or both parents not having life insurance coverage is likely in large families that have a low income.
The national sales manager and vice president for life insurance in Genworth, Brian Bulakites, in a statement has mentioned that most of the consumers wrongly assume the cost of the life insurance coverage to be three times its actual cost. This assumption is the main reason for many families from lower income groups not having insurance coverage. Therefore, he said, the company is working hard on eliminating these misconceptions and educating people about the basic truths of a life insurance policy.
The study that was conducted by Genworth also evaluated the differences between unmarried parents and the ones that were married. Though the need for coverage for both these groups is important, the study revealed that the married parents were more likely to have coverage as compared to the unmarried ones. The study has also highlighted the fact that 59 percent of the unmarried women do not have coverage as compared to 43 percent of married women. It was also revealed that 69 percent of unmarried men did not have life insurance coverage. The results also showcase the fact that women, despite being an active and important member of the family, are likely to have gaps in insurance.
