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  • Improvement in financial planning needed
  • June 9, 2015
  • Those surveyed could use improvement in financial planningBy Karla Sullivan

    Northwestern Mutual completed a study that surveyed over 2,000 on the state of financial planning in America including behaviors toward money.

     70 percent of Highly Disciplined planners feel ‘very financially secure’ vs. 51 percent of Disciplined planners, 34 percent of Informal planners and 17 percent of non-planners

     Highly Disciplined planners who are retired are much more likely than non-planners to say that they are ‘happy in retirement’ (91 percent vs. 63 percent)

    However, 60 percent of all respondents in the study believe their financial planning could use improvement and approximately 20 percent found that they did not know where to find help. Though millennials are ahead of the curve in financial planning decisions, 28 percent were still uncertain of who to talk to about getting advice. Overall this year, people age 25 and older feel they’re moving in the right direction financially.

    The study also found that the most disciplined planners come from both the youngest which was 18-39 and the oldest which was 60+. Lack of money and interest pose much bigger problems for those aged 50-59.

    Life insurance policies is a place to begin in planning for tomorrow and there are many options to choose:

    · Permanent life is a term sometimes used for whole life or universal life. Premiums are generally higher for a policy than a term policy but it can build cash value, providing protection to last as long as you need. You are generally forced to save with a permanent policy. Permanent policies have been used for estate planning but are also used to cover newly acquired mortgages.

    · Term insurance is just that; it provides a level premium and death benefit for a stated period of time such as 10 or 20 years and tends to be more affordable. It can buy you higher levels of coverage but term policies have no cash value and replacement when coverage ends may cost more.

    A young couple decides to purchase whole life because one has a genetic disorder that may cause illness or even death in middle age. Whole life may be the better choice. Both of your incomes are high and you are also maxed out on tax deferred benefits. You are a young family starting out with one child and planning for more children. You are financially strapped, in good health and want to make sure your child is going to be covered through college years. Term policies are available to meet your needs, but always talk to a qualified specialist for the best options.

  • Category: Articles Library, Company Profiles, Life Insurance, Term Life, Whole Life

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