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Study shows that many Americans are without a financial backup plan

07/22/11

Despite the fact that most Americans are aware of the importance of possessing a financial backup plan in the event of an unexpected emergency, a recent study shows that many people remain unprepared.

Eighty percent of the interviewed group stated it's important to have a financial backup plan, but 55 percent admitted not having any such plan. Out of the 45 percent who do have a contingency plan, more than half stated that it only exists in their minds and isn't actually written down.

Approximately one-third of the surveyed group stated that they had enough funds saved up to see them through three months of expenses, while 15 percent only had enough for one month. Senior vice president and chief administrative officer of State Farm Life Insurance, Joe Monk, spoke on the study.

"With the economic downturn and concerns about continued slow growth, it's critically important that people take a clear-eyed look at their financial situation and develop realistic options they can have in place should unexpected difficulties pop up," Monk said.

Life insurance is a good way for people to plan for the future and protect their families. A comprehensive policy can cover funeral arrangement costs, pay outstanding debts and afford the surviving members of a family with funds.

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