Life insurance can be an important component to retirement planning

Nov 09, 2010

Life insurance should be considered when planning for retirement

Many women are not confident in their savings and investing knowledge when it comes to retirement, research by the Transamerica Center for Retirement Studies shows.

The survey results found that 75 percent of respondents indicated they weren't as knowledgeable as they should be about retirement investing.

The lack of financial planning knowledge combined with other obstacles is troubling, says Transamerica Center for Retirement Studies president Catherine Collinson.

"Women already face a number of unique circumstances, such as typically lower salaries, time out of the workforce and longer life expectancy, that present challenges to effectively saving for retirement," said Collinson. "Despite recognizing these challenges, many women are still missing opportunities to improve their outlook by adopting more proactive savings habits."

When it comes to planning for one's retirement, there are a variety of accounts and insurance options for people to chose from. Life insurance can be a sound option for many individuals.

Some people view life insurance as only necessary for those who bring home a paycheck. While one advantage to policies is a death benefit, there are other important aspects one should consider as well. Permanent life insurance, for example, also has cash value that can be very handy in some situations.

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