Single parents with children
living at home are arguably those most in need of life insurance.
Yet in the US this is the group most likely not to have any form of
life insurance, reveals a study conducted by life insurer Genworth
Financial in conjunction with Gregory Fairchild, associate
professor at the University of Virginia, Darden School of
Business.

The study found that single
parents with children living at home across all income groups
constitute the highest percentage of uninsured adults in the US.
Specifically, 69% of single parents with children living in the
household are uninsured compared to 45% of married parents with
children in the household.

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Across all groups, the study
found that 51% of the US adult population has no life insurance
coverage.

The study also found that
single men with children living with them are more likely to not
have life cover than women in the same position. This holds true
across all income levels, according to the study.

For example, 79% of unmarried
men who are not homeowners, with children in the household and
earning an income of less than $50,000 per year, are uninsured
compared to 66% of women in the same category.

The percentages do not drop
dramatically as income increases. Indeed, 79% of unmarried men who
are not homeowners, with children in the household and earning
between $50,000 and $250,000 per year, are uninsured.

Commenting on the study’s
findings, Fairchild said: “We find that many single parents are
simply too busy, or even too scared, to properly evaluate their
life insurance needs.”

He added that the level of
uninsured households tends to increase as the number of children
increases, particularly at the lower income levels, with the
percentage drastically increasing in instances of five or more
children.

For the study, research firm Ruf Strategic Solutions
conducted a survey of some 23,000 adults aged 18 and over across
the US over a period of 15 months. Genworth noted that this
approach allowed for estimates of the percentage of uninsured US
adult population within a 5% high/low range with 95%
confidence.