Consumers have a number of misperceptions about life insurance that keep them from buying adequate coverage, according to "Getting Over the Gap: Insights on Life Insurance Coverage in the U.S.," a white paper based on Genworth Financial Inc.'s 2012 LifeJacket Study, and four groups face the largest coverage gaps: large families, unmarried parents, women and those with certain common health conditions.

"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, VP 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."

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