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Sharon Epperson’s guide to 4 key groups who need life insurance

By Sharon Epperson, November 13, 2014

Today there are more single mothers, female breadwinners and stay-at-home dads than there were even a decade ago. Many couples are buying homes later — and having to make mortgage payments into their 50s and 60s. Many parents are having children later. So moms and dads may be facing surging college tuition bills at the same time that they’re helping to care for their own aging parents.

Changing family needs impact not only day-to-day money matters but also plans for how to protect your loved ones’ financial futures. Being properly insured is essential. Here are four groups that probably need life insurance the most:

Breadwinners: “If anyone in your life depends on you financially, you need life insurance,” says Marvin Feldman, CEO of consumer advocacy group Increasingly, women are becoming the primary breadwinners in their households, so wives will need to have more coverage than their husbands. The number of women who are their families’ sole or primary breadwinner has soared to 40 percent today from 11 percent in 1960, according to Pew Research Center. You may get life insurance policies through your employer, but the coverage is usually lower than individual policies and is only in place while you’re employed.

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