When it comes to the life insurance market these days, it seems as though many people of all different demographics and backgrounds are buying in numbers not seen for several years. However, there are still some people who are more likely than others to buy this kind of coverage in particular.
Perhaps the people who most typically invest in a life insurance policy are those who are married and have children, according to a report from NuWire Investors. Obviously, those with a spouse and children have the most to protect in terms of making sure their loved ones are cared for in the event of their deaths, especially because of how difficult it might be for the spouse left behind to care for a whole family on their own.
Of course, at the same time it's important to note that single parents might face different challenges which can make the lives of their dependents more difficult if they were to pass away, the report said. Data shows that roughly 40 percent of single parents have no life insurance, meaning that if they were to die, their kids would likely have little or even no means of supporting themselves. Having a life policy as a safety net can go a long way toward making sure they are properly cared for, no matter what happens.
Those without kids
Finally, there's even a group of people without children who are often dependent upon life insurance, and that is single adults who have older parents, the report said. Many seniors may rely on their children for some kind of financial support, and if that person were to pass away unexpectedly, it could leave their parents in the lurch in terms of being able to pay for their own care, either now or in the future. As such, having a life policy can certainly help to make sure that these elderly parents can be taken care of.
Life insurance issuers that choose to concentrate on marketing to these people specifically might do a little bit better with that kind of laser focus rather than more broad approaches to trying to sell policies. With so many people who may now be in a position to obtain life insurance for what could be the first time in several years, it might be possible for companies to find far more success going forward.