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

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

PR Newswire

RICHMOND, Va., Dec. 17, 2012

RICHMOND, Va., Dec. 17, 2012 /PRNewswire/ --For those who think life
insurance isn't for them, it turns out they may be right – at least partially.
A new Genworth white paper, released today, points out that life insurance
isn't intended to benefit the consumer; it's designed for the loved ones who
rely on that person's financial support, both now and in the future.

The paper, titled "Getting Over the Gap: Insights on Life Insurance Coverage
in the U.S.," focuses on four major consumer groups that are facing the
largest life insurance coverage gaps and stand to benefit the most from an
insurance review -- unmarried parents, large families, women and those with
certain common health conditions. The paper is based on key insights from
Genworth's 2012 LifeJacket^SM Study.

"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."

Large families

With tight budgets and busy schedules, life insurance may appear to be an
expensive luxury for those with large families. Genworth's white paper
outlines a major gap in coverage among adults who have children in their
households. Not surprisingly, the pattern of either or both parents lacking
life insurance is exacerbated by lower income and larger families.

Unmarried parents

The white paper also looks into the differences between married and unmarried
parents. Genworth's 2012 LifeJacket Study revealed that unmarried parents are
significantly less likely to have life insurance than their married
counterparts, despite their clear need for coverage. The research shows that
59 percent of unmarried women are without insurance, compared with 43 percent
of those who are married. For fathers, this gap is even larger, with 69
percent of unmarried fathers lacking insurance, compared with 34 percent of
married fathers.


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

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

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.

Genworth has approximately 6,300 employees and operates through three
divisions: Insurance and Wealth Management, which includes U.S. Life
Insurance, Wealth Management and International Protection segments; Global
Mortgage Insurance, which includes U.S. and International Mortgage Insurance
segments; and the Corporate and Runoff division. Its products and services are
offered through financial intermediaries, advisors, independent distributors
and sales specialists. Genworth Financial, Inc., which traces its roots back
to 1871, became a public company in 2004 and is headquartered in Richmond,
Virginia. For more information, visit From time to time,
Genworth Financial, Inc. releases important information via postings on its
corporate website. Accordingly, investors and other interested parties are
encouraged to enroll to receive automatic email alerts and Really Simple
Syndication (RSS) feeds regarding new postings. Enrollment information is
found under the "Investors" section of

[i] Source: Genworth's 2012 LifeJacket^SM Study

[ii] Source: Women, Money and Power, Time Magazine, March 26, 2012

SOURCE Genworth Financial, Inc.

Contact: Media - Julie Westermann, +1-804-662-2423,,
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