In 2012, Genworth Financial released a groundbreaking study that found that single parents of all income brackets, including those with incomes as high as $250,000 per year, were most vulnerable for leaving their children at risk financially when faced with an unexpected death.
According to the survey, known as the Genworth Financial LifeJacket Study, a majority of single-parent households with incomes between $50,000 and $250,000 annually have no life insurance. The study found that 79% of single men and only 59% of women with children at home have no coverage at all.
What Happens If You Die with No Coverage?
Though it is difficult to think about, as a single father, not having life insurance can mean that your children, when faced with grieving your death, will also face serious choices and possible financial hardship. Would your children have the financial resources to bury you? What will you children do without your income? Could they afford school tuition? Could they stay in their home? Who would care for them?
Life insurance offers security for your children and peace of mind for you. Your children will have the financial resources they need if something would happen to you.
Can Your Afford It?
What most single parents don’t know is that there are many types of life insurance policies, and they are more affordable than you might think. In fact, a 2017 Insurance Barometer Study found that most consumers estimated that a $250,000 term life insurance policy costs three times what it actually costs.
Independent Insurance Professionals
An independent life insurance professional can help you determine how much coverage you may need and help you assess what type of policy would be best for your budget and your child’s future.
More than six million households with children do not have life insurance. Give Your Kid a Million helps independent insurance professionals sell life insurance to families who need protection from risk.