|
October 09, 2007
New Guardian Research Examines Views on Retirement Planning
Study Shows Owners of Whole Life Insurance Are More Prepared for Retirement
NEW YORK, October 9, 2007 — According to research released today by The Guardian Life Insurance Company of America (Guardian), about one-third of Americans either never review their retirement savings or do so once a year or less. The study, Consumer Attitudes: Whole Life Insurance & Retirement, examined retirement preparation views and the role of whole life insurance in financial planning.
"At a time when individuals have more personal responsibility for their finances, the desire for financial advice and products that will help them prepare for retirement continues to increase," said, Maria Umbach, vice president and chief marketing officer, Individual Markets, Guardian. "Whole life insurance is one of the core elements of a sound financial plan and one of the only products available that offers individuals and small business owners the combined benefits of wealth accumulation and asset protection in one package."
This new report reveals that whole life insurance policyholders are significantly more prepared for retirement than individuals who do not hold whole life policies. The research shows that 80% of individuals and families owning a whole life insurance policy believe they will have enough money to live comfortably during retirement, compared with 60% who do not own whole life insurance.
Guardian hosted an exclusive industry event with its peer mutuals to discuss the living benefits of whole life insurance and its role in helping individuals live a more financially secure life in support of Life Insurance Awareness Month, a national campaign to raise public awareness of the importance of life insurance
Saving for Retirement
As life expectancy rates continue to increase and change the traditional model of the American workplace, saving for retirement is top of mind among consumers. Yet, Guardian's research shows that people are vastly unprepared for retirement. Most feel that saving for retirement could turn out to be less fruitful than they originally hoped—demonstrating the need for alternative tools such as whole life insurance.
Surprisingly, Guardian's survey revealed similarities along generational lines, with Boomers and Gen Xers joining their GenY counterparts who are just entering the workforce, in concerns about their retirement savings.
 |
40% of people age 44 and under don't know how much they will be able to save for retirement or think they'll be able to save less than half of what they need.
|
 |
|
One-third of boomers age 55-64 either don't know how much they will be able to save for retirement or think they'll be able to save less than half of what they need.
|
|
Insurance for Your Whole Life
The cash value accumulated in a whole life policy provides real living benefits that allow individuals and small business owners the ability to meet a variety of different needs—supplementing long-term care and retirement, college costs, or starting, expanding or protecting a business. More importantly, the existence of a permanent death benefit guarantees the amount that will be passed on, thereby unlocking today's retirement assets for current use.
|
Individuals and families who own whole life insurance are 37% more likely to have a plan in place specifically for retirement.
|
|
Concluded Umbach, "Whole life insurance is a stable asset that can significantly increase spendable retirement income as we shift toward a model in which more Americans have personal responsibility for their long term financial security."
The Opinion Research Corporation of Princeton, New Jersey conducted the survey for Guardian. The survey sample comprised 1,006 individuals at least 18 years of age who said that were employed either full- or part-time. The margin of error was plus or minus two percentage points at the 95% confidence level.
About Guardian
Founded in 1860, The Guardian Life Insurance Company of America, New York, NY (Guardian) is one of the largest mutual life insurance companies in the United States. As of December 31, 2006, Guardian and its subsidiaries had $39.5 billion in assets (on a consolidated statutory basis). With more than 5,000 employees and 3,000 financial representatives, as well as more than 80 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses, and their employees with life, disability, health, long-term care, and dental insurance products, and offer 401(k), annuities and other financial products and trust services. More information about Guardian can be obtained at: www.GuardianLife.com.
| 
