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SOA: Many Still Fail To Plan For Retirement National Underwriter Life and Health Insurance News

02.04.10

Many Americans say they are concerned about their retirement but have done little about planning for the future, a new study by the Society of Actuaries finds.

The survey report from SOA, Schaumburg, Ill, compares preretirees’ and retirees’ answers in 2009 to those in a previous survey it conducted in 2007.

According to pre-retirees (older workers still in the workforce), 31% said they will be financially unable to retire, and 23% will choose to continue working.

Both pre-retirees and retirees say they plan to prepare for retirement risks, but little had changed between 2007 and 2009 in how they are addressing the gaps in strategies, such as concerns with protecting inflation from outpacing savings or the risk of outliving their assets, SOA found.

The fifth bi-annual SOA report, “Risks and Process of Retirement,” notes that the proportion of individuals planning to save money and work as much as possible is statistically unchanged compared to before the economic downturn. Inflation still reigns as the main concern, surpassing healthcare risks, for both pre-retirees and retirees.

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20 Year Term Life Insurance - Review the Different Types of Plans

Are you looking for a 20 year term life insurance policy to protect your loved ones?

If so, there are a few different types of plans to consider when choosing your policy.

First of all - what is 20 year term life insurance? It's a temporary life insurance policy that provides coverage for 20 years. If you outlive the 20 year term, your life insurance ends. if you pass away during the 20 year term, your beneficiary receives the proceeds from your life insurance policy.

Here's a look at a few types of 20 year term life plans:

20 year Level Term Life Insurance offers you guaranteed level premiums and coverage amount for 20 years. This is the most popular plan due to it's low cost and guaranteed rates.

20 year Decreasing Term Life Insurance offers you a life insurance plan that has level rates each year, but the amount of life insurance coverage decreases each year.

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