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Single mom may not have enough life insurance coveragePosted On Tue, August 16, 2011
For many single parents, it may be a difficult task to make ends meet, but a recent LIMRA study has found that two-thirds of single moms have a life insurance policy. This is significantly higher than the number of women carrying these plans in the general population, which is just over 50 percent.
While researchers said they were surprised to learn how many of these women were carrying a life insurance policy, many of them may not be properly covered. Only one-third of those insured believe that their families would be covered if they died.
Many companies may not realize how large this potential market may be. LIMRA reports that there are 10 million single mothers in America who have children under the age of 18, possibly leaving them with a minimal amount of money to leave behind in the event of their death.
Some single mothers believe that working with a financial professional may be too expensive. However, experts say this may be the ideal may for this select group of indiviudals to find the right policy.
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