Father's Day should remind advisors about grandparents raising grandchildren
By Steve Savant
Single parent households are up significantly. Approximately 21 million American children are being raised by SIRKS, according to the US Census Bureau in 2009. The stat has been growing over the last decade.
What’s a SIRK? Single income raising kids. One parent households with children is one of the fastest growing people groups in segmented demographics. (Here are some additional segmented demographics: DIRKS (dual income no kids), DINKS (dual income raising kids), and SINKS (single income no kids). But a related statistical story is the 2.5 million grandparents that are parents again.
Life just happens. Circumstances can change. One day you’re an empty nester. The next day your house is full again. You only saw your grandchildren on the weekends. Now they live with you 24/7. New demographic data shows grandparents becoming the primary care giver of their grandchildren. Life starts all over again.
Single parent households are woefully underserved, but grandparents raising grandchildren isn’t even on the target marketing list — well, until now. Protecting future generations may fall on the past generations. Love can’t do it all, but the leverage of life insurance can make sure life goes on and dreams still happen, even when family tragedies strike.
Life just happens. But planning doesn’t. Take the time to approach grandparents and build out your business with a new sales strategy.