What’s Your Plan B?
A Roadmap for Creating a Financial Safety Net
Soundbite and Script
Most People Believe the Unthinkable Will Happen to Someone Else 81 Percent Think They Should Have a Financial Back-Up Plan, but Less Than Half Actually Have One

Bad stuff happens: during the financial crisis, more than two million people have lost their jobs and people across the country have lost trillions of dollars in the stock market and other investments that they may have used for retirement, college savings or everyday expenses. If the unthinkable happened – further economic turmoil, the loss of a significant other, illness or divorce – would you be prepared? What is your Financial Plan B? 

In just a few short years, Jeannine McCurrie suffered the loss of her brother and her father – and then, three years ago, her husband, Darin, passed on the eve of the financial crisis in 2008. While these tragedies were nearly impossible to bear emotionally, the death of Jeannine’s husband could have devastated this stay-at-home mother of two financially as well. But she and Darin had a Plan B in place to protect themselves from the unthinkable. If they hadn’t, Jeannine likely would have had to sell their home, uproot their children and head back to work, leaving her children at a time when they were most vulnerable.

Instead, Jeannine was able to maintain a stable life for her children and write a book, My Plan B Handbook, to inspire the rest of us get our financial affairs in order and persevere through hard times.

Joe Monk, senior vice president and chief administrative officer for State Farm Life Insurance Company, says, “People naturally think the unexpected happens to somebody else. But setbacks can hit anyone and we all need to be ready. It’s critically important that Americans take a clear-eyed look at their own financial situation and develop a solid Plan B to protect themselves and their families.”

• Results from a recent survey that asked a sample of 2,017 US adults aged 18 and older about their financial readiness in the face of a major life crisis  
• Levels of preparedness based on gender (men are more financially prepared than women, yet women feel having a Plan B is more important), age, (35 to 44 year olds believe having a financial back-up plan is very important – more than any other age group, but only 40 percent actually have one) and income (Low-income adults experience unexpected life crises that impact their finances more often than high-income adults, but fewer have a back-up plan).
• The what-if scenarios you need to consider: job loss, failing health, disability, death, divorce, etc.
• What used to work, what’s different now and how you must revise your plan
• A checklist for devising your Financial Plan B: tips from Jeannine’s book, resources and insights from Joe and an online quiz to help you start planning.