As the COVID-19 crisis in the United States stretches into its fifth month, many Americans are understandably concerned about their families’ health and financial well-being.
From the earliest days of the COVID-19 pandemic, life insurers have been there #MeetingTheMoment for consumers, their employees and their communities. Life insurers pay out $2.1 billion every day, reinforcing the $2.7 billion a day paid by Social Security.
In addition, life insurers are a source of strength with $6.3 trillion invested in the U.S. economy. These long-term investments provide the financial backing for the long-term guarantees we make and honor for policyholders. And they supply needed capital that enhances growth, provides jobs and supports families in communities across the nation.
Life insurers’ investments spur growth in farmlands and housing developments, suburban office parks and industrial warehouses, hospitals and office buildings and schools throughout America.
All told, life insurers invest hundreds of millions of dollars every day in bonds, mortgages and other long-term investments.
Whether it’s a $2.8 million investment in bonds supporting Kalamazoo, Michigan public schools or more than a half a billion dollars in mortgage loans for retail and industrial properties in Ohio, life insurers’ investments – big and small – make a significant impact in our communities. These investments are needed, now more than ever.
We don’t know when this pandemic will end. But we know life insurers’ resolve. It’s been demonstrated for 175 years, through the Spanish Flu epidemic, both World Wars, the terrorist attack on 9-11, and the 2008 financial crisis. We will continue to serve our customers and our communities – for as long as it takes.
Joyce Meyer was Executive Vice President, Government Relations at the American Council of Life Insurers (ACLI). Meyer was responsible for overseeing ACLI’s federal, state, and international advocacy with a special focus on the financial and retirement security ACLI member companies provide to the families they serve.
