The Penn Mutual Life Insurance Company Worth® Survey: Men and Women Share Similar Financial Goals, Yet Women Feel Less Confident About Planning and Retirement

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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.

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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...

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.”

As part of Penn Mutual’s ongoing dedication to women, the company is the presenting sponsor of Vision 2020, a project of the Drexel University College of Medicine Institute for Women’s Health and Leadership, which endeavors to finish the work begun by women suffragists nearly a century ago as they sought voting rights. It is the goal of Vision 2020 for men and women to have equal access to leadership roles and financial equality by the centennial anniversary of the 19th amendment in 2020. On October 21 and 22, 2010, 102 women, two from each of the 50 states and the District of Columbia, will join together at the National Constitution Center in Philadelphia to discuss issues in eight topic areas, to celebrate their accomplishments and to develop and action agenda for the future. For more information on Vision 2020 and how you can participate, visit http://www.drexel.edu/vision2020.

“We created our Worth initiative to address the needs of women because our industry has an obligation to provide education and resources for this vastly underserved market,” said Marrocco. “It’s also why we’re advocating for women’s further progress through our support of initiatives such as Vision 2020. We hope that more women will learn to value themselves and their worth, and in turn, seek out ways to protect themselves and their families’ future.”

The annual tracking study was conducted by Penn Mutual during March 2010 and encompassed interviews with a nationally representative sample of women and men ages 25 to 64. The sample included women and men across a wide income spectrum, those with and without life insurance, and both married and single parents.

The annual survey is a key component of Penn Mutual’s Worth® initiative, which targets the vastly underserved women’s market. Worth offers educational resources and tools that advocate women take charge of their financial futures by considering the entirety of their value to home and family. Among these tools is the Worth® Calculator, which allows a woman to measure her true economic value, including often-overlooked contributions like childcare, budget management and homemaking. For more information, go to http://www.WorthForWomen.com.

About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/. Access the Worth Calculator on the Worth for Women website: http://www.WorthForWomen.com.

2010 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044

Keith Bratz
Penn Mutual Life Insurance Company
(215) 956-7907

Barbara Parassio
Karma
215-790-7813

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Keith Bratz

Barbara Parassio
Karma
215-790-7813
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