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Life insurance payments a financial burden for many seniors

Many older Americans suffering in the recession are considering returning to work

It’s not just young adults and families that are struggling to make financial ends meet as job losses mount and credit card bills pile up – many senior citizens are also being hit hard by the economic downturn.

According to a study from Golden Gateway Financial, which tailors services to seniors, and the Insurance Studies Institute, 80 percent of those surveyed currently have some type of life insurance.

The study also revealed that 12 percent of the Americans age 62 or older that participated in the survey were worried they couldn’t continue making life insurance premium payments given the deterioration in their current financial situation.

At least 60 percent said that they were generally worried about their financial well-being – concerned that their savings and overall net worth would not be sufficient to carry them through retirement.

According to Paul Siegert, CEO of Insurance Studies Institute, “The data also clearly shows that this economy has put stress on their ability to continue paying premiums, or has led them to doubt whether the reasons to continue owning the policy remain valid.”

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Posted: May 26, 2009

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