Unmarried parents, large families, women and those with certain common health conditions face the largest gaps in life insurance coverage, according to new research by Genworth Financial, Inc.
"Getting Over the Gap: Insights on Life Insurance Coverage in the U.S." found that life insurance isn't intended to benefit the consumer. It is designed for the loved ones who rely on the person's financial support, both now and in the future.
"Consumers often believe life insurance costs nearly three times its actual price, and this is a major contributor to the large coverage gap we're seeing in these four groups," said Brian Bulakites, vice president and national sales manager for life insurance at Genworth. "We're working to close these gaps by educating consumers on the importance of a good insurance policy. By addressing these needs now, we're able to help our customers help provide the financial resources to their loved ones that will be lost upon their death."
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