Today marks the official kickoff for Life Insurance Awareness Month.
But as our colleagues at Life Happens wisely note, the need to increase awareness about life insurance began long before September 1 and must extend well beyond September 30.
Conversations about life insurance are just too important to confine to one month.
Now more than ever, the value of life insurance for American families cannot be overstated.
The COVID-19 pandemic has been devastating, leading to more than 182,000 deaths in the United States.
The emotional pain from an unexpected death is immeasurable. And for families without life insurance, a loved one’s death can bring severe financial hardship. Life insurance provides indispensable financial support to families when they need it most.
American families are safeguarded by life insurance, especially the middle class. Half of American households who say they own life insurance have $75,000 or less in total income.
In addition to providing cash after the loss of a loved one, certain life insurance policies offer a source of funds for families experiencing economic hardship. With permanent insurance, policyholders can borrow against the policy’s cash value. This source of cash could especially benefit Americans who lost their jobs due to the shutdowns caused by COVID-19.
The effects of the coronavirus are felt far and wide.
Along with the positive impact its guarantee-securing, long-term investments have on America’s economy – for health systems, housing, education and agriculture in communities nationwide — the life insurance community committed to taking meaningful actions towards identifying and introducing new policies that will provide financial education and security for all. One-third of financial inequality in the United States could be accounted for by the differences in financial education, according to researchers at the Wharton School.
Clearly, the time for life insurance awareness is now.
Susan K. Neely was President and CEO of the American Council of Life Insurers (ACLI), the nation’s leading trade association determined to help families live better lives by achieving financial security and certainty. As president and CEO, Neely drove public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families. She is CEO Emeritus through December, 2024.
