According to the Pew Research Center, about 10 percent of U.S. children currently live with a grandparent, with the trend having risen particularly sharply from 2007 to 2008. The center added that about 41 percent of the children currently living with a grandparent are also being primarily raised by them as well.
The report also found that 18 percent of caregiver grandparents are living below the poverty line, while 47 percent have household incomes lower than three times the poverty line. Both figures are higher than in households where people over the age of 50 are not raising children.
The number of grandparents raising their grandchildren is not new over the last few years and generally a result of incarceration of parents or both, unemployment, abuse, as well as drug and alcohol addiction let alone death.
When grandparents take on the responsibility, in many cases it is a financial drain and it is important for them to be aware of different options that include life insurance and health insurance plans available for their grandchildren.
Overall, anyone who has the responsibility of raising children may want to consider investing in a life insurance policy. After all, this is a good way to provide loved ones with the financial stability they will need in the coming years.
In turn, people who are caring for aged loved ones in their own home may find it equally in their interest to consider investing in something like a term-life insurance policy. This would be an affordable way to provide added financial protection in the event of an unexpected death.