Parents juggling work-life balance may be dropping the ball in an important area—financial planning.
More than a third of parents with kids younger than 18 (37 percent, to be exact) don't have life insurance, according to a new survey from Bankrate.com of 1,000 adults.
Of those who are insured, half have less than $100,000 in coverage—which isn't enough for common life insurance aims of replacing the deceased parent's income, paying off the mortgage or funding the kids' college education, said Doug Whiteman, an insurance analyst at Bankrate. "We found it rather unsettling," he said.
"This should be a wake up," said Whiteman. "You really do need to sit down and think, what if something were to happen to me?"
Apparently that's a question most of us don't want to think about—or not very often, anyway.
Earlier this year, a survey from Caring.com found that only a little more than half of parents have a will and, of those, 60 percent haven't updated it within the last five years.
"Oftentimes young parents are transitioning into this role of greater responsibility," said Frank Paré, a certified financial planner and president of PF Wealth Management Group in Oakland, California. It's a shift to plan financially for dependents, from previously worrying about just your own financial future. "Managing that, things can get lost," he said.