RJ and Makay

Single parents with children at home are the largest group in the U.S. without life insurance, even though they need it most, suggests a new survey by Genworth Financial.

The survey, which included more than 23,000 U.S. adults and took 15 months to complete, found that 69% of single parents with children living at home don't have life insurance. Among single parents with children in or out of the house and married parents with children at home, 59% and 45%, respectively, said they had no life insurance.

With the recession and bear market still fresh in their minds, Americans are increasingly opting for savings vehicles with safety features such as a guaranteed income stream in retirement. Their need for more security has pushed demand for annuity products, especially variable annuities, to record highs.

For example, fourth-quarter variable annuity sales totaled $37.6 billion, a 10% increase from the previous quarter and an 18% gain from the fourth quarter of 2009, reports the Insured Retirement Institute (IRI). Variable annuity assets reached an all-time high of $1.5 trillion last year, the IRI adds.