The Penn Mutual Life Insurance Company Announces Results of “WORTH” Survey for Women and Launches the “WORTH” Calculator
Survey Finds Women Who Plan For Their Financial Future to be Happier, More Confident
“Worth” Calculator to Aid Women Measuring Their Real Economic Value
Horsham, PA – July 13, 2009 -- The Penn Mutual Life Insurance Company today announced that a recent national survey conducted by the company shows that women who actively plan their financial future, including owning life insurance, feel better about themselves, are more self-confident and more likely to take care of themselves.
As a means to help women to take charge of their financial planning needs, Penn Mutual has introduced a proprietary Worth for Women calculator, accessible at www.worthforwomen.com. The calculator is an interactive device that allows a woman to measure her true economic value, including often overlooked measurements like childcare, budget management and homemaking.
The survey and calculator are key components of Penn Mutual’s Worth program, an approach that embraces the vastly underserved women’s market with educational resources and tools that advocate women take charge of their financial futures by considering the entirety of their value to home and family.
Women comprise 51% of the population1 and hold 43% of America’s wealth.2 They typically outlive their spouses. Remarkably, most women are neither confident about their finances nor have planned for their future. The Penn Mutual proprietary survey data showed that women who have life insurance differed substantially from the norm and that women insured for the same amount as their spouses were even more likely to have a positive outlook.
Eileen McDonnell, executive vice president and chief marketing officer for Penn Mutual says, “We launched Worth to help women take charge of their future and recognize their value. The survey clearly validates our beliefs in the value for women in developing a financial plan that includes life insurance as its cornerstone.”
The Worth for Women calculator is one of the highlights of a Penn Mutual program that includes a new and dynamic content-rich Web site, newsletter, brochures, a seminar series and other communications initiatives that allow financial professionals to craft a plan specifically geared to meet the challenges and fulfill the goals of women at every life stage.
Widely cited economic statistics regarding women include the facts that women receive 59% of all post high school degrees.3 They start businesses at twice the rate of men.4 They earn $2.4 trillion annually5 and they influence 95% of all purchasing decisions.6 This is only a small part of their economic story.
The Worth for Women calculator allows women to more accurately value the creativity, skill, discipline and time they bring to American households and to build a financial plan that accounts for those services in the event they have to be replaced or supplemented.
A woman is likely to outlive her male counterpart by five years. She is more likely to be alone later in life and far more likely to spend time in a nursing home.6 “At Penn Mutual we have a commitment to life insurance and annuity products that can add a fair value perspective to the real contribution women make to the household and society. As part of Worth, we’re also aiding our network of financial professionals as they consider more holistic approaches to the financial planning they do for women,” McDonnell said.
In the traditional workforce, women are expected to account for 92 million jobs by 2050, yet far fewer women have their income protected by something as elemental as a life insurance policy, considered the foundation for any financial plan. Those that do such planning, according to the survey, were more likely to:
- Have higher self-esteem
- Feel more confident about retirement
- Believe their opinion is important
- Feel loved by others
- Take good care of themselves.
The annual tracking study was conducted by Penn Mutual over a one-month period and encompassed interviews with more than 600 women. The research included a nationally representative sample of women across a wide income spectrum, women with and without life insurance, women with or without children, married and unmarried.
“We would urge all women to go to www.worthforwomen.com, and use our Worth calculator as a first step in getting a true financial evaluation of their own worth. But most important, we believe that they should seek financial planning help from a financial professional who is knowledgeable about the long-term needs and goals unique to women,” McDonnell said.
About The Penn Mutual Life Insurance Company
The Penn Mutual Life Insurance Company is the nation’s second oldest mutual life insurer. Founded in 1847, the company provides life insurance and annuities through a national network of financial professionals who help clients meet their financial needs with confidence. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Visit Penn Mutual on the Internet at http://www.pennmutual.com. Access the Worth Calculator on the Worth for Women Web site: http://www.worthforwomen.com.
2009 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
1 2009 US Statistical Abstract reflecting 2007 population (table 7, 18+ years of age).
2 2009 US Statistical Abstract reflecting 2004 top wealth holders (table 696).
3 2009 US Statistical Abstract reflecting 2006 degrees earned (table 288).
4 Marketing to Women, Marti Barletta, 2006.
5 2009 US Statistical Abstract: computed using 2006 mean income (table 680) and 2007 population for women 25-64 (table 7).
6 Women and Diversity WOW! Facts 2005.
Contact
Keith Hardy-Merritt
Karma
(215) 790-7837
keith@karmaverse.com
Keith Bratz
Penn Mutual
(215) 956-7907
bratz.keith@pennmutual.com
A9JC-0702-16
