Life Insurance Quotes

Americans going through life without a financial back-up

07/21/11


A recent State Farm survey discovered that the majority of Americans do not have a financial "Plan B" in place, even though 81 percent of those surveyed believe it is important. If an individual were to suffer a major injury or life crisis it is more than likely they will not have the financial backing to weather the storm.

The State Farm "Financial Plan B" survey discovered that only 45 percent of Americans actually have a financial plan for the future which can handle a potential catastrophic event. In a time when the economy is struggling to recover and individuals are continuing to lose their jobs, this planning could be more important than ever.

"People naturally think the unexpected happens to somebody else. But setbacks can hit anyone and people need to be ready. Regrettably, most are not," says Joe Monk, senior vice president and chief administrative officer, State Farm Life Insurance Company.

Investing in immediate annuities that start paying a return to the individual immediately can be a valuable safeguard in the event of a financial or medical emergency. Thirty-five percent of those surveyed said they only have enough savings to support their households for three months or fewer. 

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