Americans are adjusting to a “new normal” during the COVID-19 crisis. The life insurance industry is adjusting to meet their needs, too.
Life insurers recognize that we rely on our essential workforce now more than ever and must support them. That is why life insurers are working to expand access to disability income insurance coverage for workers during the pandemic.
Private disability income insurance (DI) offered by life insurers is the most common form of income protection for workers, allowing millions of Americans to maintain their income if a medical condition keeps them out of the workplace.
Many workers are currently risking their health while performing essential tasks. They keep us well in our hospitals. They keep us safe at home. They make certain that we have food to put on our tables. They are a stabilizing force in these rocky waters.
It is important that we provide assurances for essential workers in their times of need. Some of the actions of the industry to provide more access to DI during this crisis include:
Through DI coverage, life insurers will stand in the gap and provide replacement income if an injury or illness prevents essential employees from working. We stand ready to provide this financial peace of mind, just as essential workers let us rest assured that they will help protect our health and safety.
We are an industry that prides itself on providing financial solutions for its customers during the most difficult times in life. For more than 175 years, we’ve provided stability and security through some of the most disruptive events in history, including now during this global pandemic.
Read more here about what life insurers are doing for communities, those facing financial hardship, their customers, and their own employees during the COVID-19 crisis.
Lauryl Jackson is Vice President, Federal Relations for Financial Income Security and Diversity & Inclusion for the American Council of Life Insurers (ACLI). Prior to joining ACLI in January 2020, she led government affairs strategy for the priorities of the pharmaceutical industry.
