Financial downturn upset many people's retirement plans

Jun 24, 2011

The financial downturn forced many to rethink retirement

It's been well documented how Americans' lives were turned upside down by the financial downturn a few years ago. Experts say many are still recovering while others many never recoup their losses because they weren't protected by a term life insurance policy.

Investments were shattered and savings accounts depleted when the stock market plummeted in the wake of the economic meltdown. Additionally, falling properties meant many homeowners could no longer rely on their homes as a "nest egg," forcing many to work past retirement age to pay off existing mortgages and even leaving many to fall into foreclosure. A life insurance policy can ultimately protect consumers if they lose a loved one during similar hard financial times, but some consumers didn't have one, said experts.

"The economic downturn has impacted people's financial ability to chase their dreams and take care of their loved ones. Whether it be the lack of credit available to small business, or the decimation of retirement plans, many people have been forced to rethink their approach to financial security," explained Shawn Mauser, an executive with a national financial services firm.

A rising challenge for consumers today is the cost of healthcare. That puts pressure on families to consider a long-term care component to their life insurance policy, since they may need to cover the expensive cost of care into retirement.

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