Majority of Single Parents Lack Crucial Life and Retirement Tools to Protect their Families
National Single Parent Day is an opportunity to raise awareness of the need for
single parents to obtain life insurance and establish a retirement plan
NORTHBROOK, Ill., March 19, 2018 – March 21 is National Single Parent Day, an opportunity to not only celebrate the unwavering devotion and hard work of single parents across the country, but also a day to help ensure single parents have the tools they need to protect their families.
However, according to a Strategic Business Insights survey[i], most single parents do not have important financial protections in place, notably life insurance and a retirement plan.
The survey found that 68 percent of single parents do not have life insurance to protect their children should they no longer be around to care for them. Life insurance products can cover the costs of college, unpaid medical bills, help families stay in their homes and, in some cases, can be used as a source of retirement income. By comparison, more than half of the general population has some form of life insurance protection.
The survey also found:
- Sixty-three percent of single parents do not have any type of retirement account;
- Forty-one percent have no savings or retirement goals and 78 percent are concerned about having adequate retirement income; and
- Ninety-three percent do not have a financial advisor to assist them.
“When I became a single mom, the first thing I realized was I didn’t have a safety net. Planning for the future was all on me,” said Mary Jane Fortin, president, Allstate Financial. “As all parents know, our children are the most important force in our lives, and we want to protect and provide for them as best we can. That’s why it’s important we commit to working closely with single parents, and ensure they can turn to someone for help.”
An important first step single parents can take to protect their family is to make sure they have access to someone who can provide trusted advice. Many experts, including Allstate agents and financial specialists, offer free financial reviews and will discuss life insurance needs and retirement goals.
More information on life and retirement products can be found at https://www.allstate.com/life-insurance.aspx
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Other growth platforms include predictive analytics company Arity and consumer-product protection plan company SquareTrade. Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” Allstate agencies are in virtually every local community in America. In 2016, The Allstate Foundation, Allstate, its employees and agency owners gave $42 million to support local communities.
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[i] Strategic Business Insights, 2016-2017 MacroMonitor survey collected between July 6 and August 15, 2016.