New Genworth Study Identifies Largest Life Insurance Gaps Among Four Major Consumer Groups

Women

Genworth found that women have less life insurance coverage than men, although they often play an important financial role in their families. In fact, 43 percent of married mothers lack life insurance, compared with just 34 percent of married fathers[i]. With the majority of working wives expected to earn more than their husbands in the next generation[ii], it's important that women have the right amount and type of life insurance to help keep supporting their loved ones even after they're gone.

Consumers with common health concerns

According to Genworth's white paper, many consumers believe the best time to buy life insurance is when they're in optimal health. But affordable life insurance coverage is becoming more accessible for those who have been diagnosed with certain health conditions, thanks to advanced underwriting practices. In fact, many commonly diagnosed health issues – like asthma and depression – are no longer barriers to receiving preferred rates on life insurance, which is helping financial professionals close the gap for this group.

It is important for all adults to review their life insurance coverage annually, even for those who don't fall into one of these categories. Genworth's white paper includes a checklist that can help consumers identify changing needs and which financial obligations should be covered by a policy. The checklist is a great starting point for determining life insurance goals and can help get the conversation started with a financial professional. For more information, please visit genworth.com/lets-talklife. 

About Genworth's 2012 LifeJacket Study

The LifeJacket Study of the uninsured in America was conducted in collaboration with independent third party research firms, J&K Solutions and Ruf Strategic Solutions. The supporting survey data for this longitudinal, multi-modal study was collected over the course of 15 months and administered by telephone, online and mail. More than 25,000 adults (ages 18+) across the United States were surveyed, providing a highly stable and reliable data source. This allowed for estimates of the percent of uninsured U.S. adult population within +/- 5% with 95% confidence.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures.  Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.

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