Life Insurance Quotes

New life insurance company survey examines economy, retirement savings

10/13/11

A new survey conducted by Allianz Life Insurance Company of North America finds that the recent economic downturn has raised doubts in many Americans about the amount they have saved up for retirement and college tuition for their children.

According to the survey, 51 percent of non-retirees said they question whether their 401(k) and other savings plans are adequate enough for the retirement they envision themselves having. In addition, 27 percent of respondents said "under their mattress" is the safest place they feel they can leave their money.

"Retirement and college savings often draw from the same bucket of available funds, and people have a hard choice to make," said Katie Libbe, vice president of consumer insights at Allianz Life. "Our research shows that lower income households feel paying for their children's education takes priority over saving for their own retirement."

Although life insurance isn't an individual investment, it does go a long way in providing financial security for a policyholder's loved ones. The right life insurance policy provides funds for the college tuition and covers the annual expenses for the policyholder's dependents. An annuity is an investment that can go toward the retirement fund of the individual, but it is best to consult a financial professional before purchasing any type of annuity.

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