It’s only natural that the spread of the coronavirus has got many people around the globe concerned about how to safeguard their health, and the health of their loved ones. The instinct to keep those you care most about safe is deeply personal, and something you feel in your core.
You might feel helpless about preventing spread of the disease, but there are numerous very practical steps the Centers for Disease Control recommends, like avoiding those who are sick; not touching your nose, eyes, and mouth; and covering sneezes and coughs with a tissue that you discard.
Unfortunately, the coronavirus has some people stressing about their finances too. How will market turbulence impact my retirement account? If we lose a household bread winner, how will we make ends meet? You might even question whether your life insurance company can weather the storm.
One thing’s for certain: how far the coronavirus outbreak will reach remains unknown. However, on behalf of an industry that helps people take care of what matters most, America’s life insurers are prepared to meet their commitments to policyholders.
Life insurers are subject to strict solvency regulations and state regulators require that companies set aside reserves adequate to meet unexpectedly large volumes of claims.
This strict oversight is a key reason why life insurers have been able to honor their promises through disruptive events in our nation’s history. This includes:
While the coronavirus requires vigilance and a clear-eyed view of the risks and situation, policyholders should rest assured that life insurers are up to the challenge. What matters most is keeping yourself and those you love healthy by doing your part to prevent spread of the disease.
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.
