The Penn Mutual Life Insurance Company Worth® Survey: Men and Women Share ...

Horsham, PA (Vocus) October 18, 2010

The Penn Mutual Life Insurance Company today announced that according to its second annual Worth® Survey for Women, women and men share many of the same financial goals and dreams. However, women report feeling more overwhelmed, less confident and less in control when it comes to financial planning and retirement. And, in spite of their sizable numbers and success in the workplace, women continue to undervalue who they are and the contribution they make to home and family. This diminished sense of self-worth is reflected in the amount of life insurance coverage they have. Women have about half the coverage that men do, with the median individual coverage amount for women being $96,000 as compared to $189,000 for men.

Among those surveyed, more women than men said it was important to protect their families' well-being and way of life (69 percent of women compared with 60 percent of men); however, more women report being behind when it comes to guaranteeing their family is protected in the event something should happen to them (78 percent of women vs. 69 percent of men).

The disparity in life insurance coverage between men and women is particularly concerning because women are more likely than men to regard as important many of the benefits that life insurance, particularly permanent life insurance, can offer. However, fewer women than men acknowledge that life insurance is a viable source of these benefits. For example, 79 percent of women and 70 percent of men said a steady stream of income during retirement is important; only 39 percent of women vs. 50 percent of men reported being aware that life insurance could provide it. Similarly, 70 percent women and 64 percent men felt it was important to have access to quick cash in the event they need it, yet only 41 of women and 49 percent of men were aware that permanent cash value life insurance could provide it.

When it comes to retirement, fewer women than men report feeling confident (17 percent of women vs. 28 percent of men), organized (11 percent vs. 19 percent) and in control (15 percent vs. 22 percent). Not surprisingly, women are more likely to feel overwhelmed than men (22 percent vs. 14 percent) and are more likely to believe their standard of living during retirement will be lower than today (44 percent vs. 34 percent).

"Despite all the advances women have made in the workplace, it is disheartening to learn that women still feel behind when it comes to planning for retirement or other financial goals-and they're literally missing out on many important benefits by under-valuing themselves," said Tracy Marrocco, Director of Women's Marketing for The Penn Mutual Life Insurance Company. "We at Penn Mutual encourage women to first value their worth and take the necessary steps to assure a bright future for themselves and their families through the complete value of life insurance. Women need to not only recognize the value of life insurance, but to take action in purchasing a policy that is right for their needs, so they can take advantage of all of the living benefits that permanent life insurance offers, as well as the death benefits."

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