Four out of five Americans are anxious about their financial situation, according to a survey earlier this year.
High inflation triggered much of their anxiety. In addition, a majority of survey respondents said they were not financially prepared to handle retirement or the passing of a loved one.
Fortunately, there are proven ways to ease these concerns. Life insurers specialize in calming financial anxiety. In fact, life insurers already provide financial certainty to 90 million American families, including several members of the Protecting Every Future community who recently described how life insurance products have helped them.
For example, life insurance coverage helps families weather the tragic loss of a loved one.
Nancy C. of Maine said, “It helped pay for my hubby’s unexpected death six years ago and taught me to add more to mine and get insurance for my two sons.”
Added Rose Marie W. of Oregon: “It helped get by some after my mother’s death. If my husband had the same coverages when he died, it would have made the next (phase) easier.”
Susan M. of Virginia said the biggest benefit life insurance provides is peace of mind.
“Knowing that my spouse or children won’t have to worry about money at a time when that is the last thing they need to worry about is comforting. I want my family to celebrate my life, not regret that I didn’t plan upon my death.”
Life insurers also provide annuities, which ensure retirees like Liz T. of Oregon and Jane L. of Georgia don’t have to worry about outliving their savings.
“My annuity is a good part of my monthly income,” Liz said.
Added Jane: “If it weren’t for the annuity I purchased 27 years ago, I wouldn’t have any retirement money.”
America’s life insurers have been helping consumers lessen their financial stress and live with financial certainty for nearly 180 years. Helping more people achieve financial security is critical. When Congress acts to extend tax relief for individuals and small businesses in 2025, it must not initiate any tax increases on life insurers and their customers that could make it harder for consumers to access affordable financial protection.
Jill Kozeny serves as Executive Vice President & Chief Advocacy Officer at the American Council of Life Insurers (ACLI). Kozeny is a member of the Executive Management Team and reports to the President and CEO. Kozeny leads ACLI Government Relations, Public Affairs, Research, and the work of the Chief Inclusion Officer to build opportunities and expand access to family financial certainty through all stages of life.