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Both working parents need adequate life insurance coveragePosted On Tue, August 31, 2010
Two-income families have become commonplace in the U.S. Many families rely on both parents' income just to pay necessary bills. Having life insurance is an important tool for families who find themselves needing two incomes to stay afloat.
Research released by MetLife reveals that men and women do not purchase the same amounts of life insurance. The typical married man with children has five times his yearly household income in life insurance coverage, whereas married women with children only have three times their yearly household income.
MetLife's U.S. Business senior vice president bill Raczko says such findings are troubling.
"Life insurance can help provide a family with substantial peace of mind. It is important to not only have coverage, but to make sure that coverage amounts are adequate," says Raczko. "That is why it's concerning to see the income of working mothers is not as adequately protected as that of their male counterparts."
Unfortunately, many American families don't have enough life insurance. Research from consulting firm LIMRA found that 30 percent of U.S. households don't have any life insurance coverage at all.
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