The anxiety and real pain wrought by COVID-19 for so many Americans is incalculable both in terms of heartache and financial stress.
Alongside the health crisis, where an American is lost every 21 seconds, COVID-19 has magnified the need for families to strengthen their preparedness to weather financial adversity, especially those who lack access to financial education, information and tools.
The proven value of life insurance for families is emphasized by the pandemic. Coming from the idea that no one should be on their own in hard times especially after the loss of a loved one and breadwinner, life insurance benefits can help cover daily living expenses, allow family members to stay in their home, and provide essential funds for educational costs.
Unfortunately, 60 million Americans don’t have the proper life insurance protection for their families. Just 54 percent of Americans have life insurance coverage, down from 63 percent just a decade ago. And many who have life insurance don’t have enough.
The American Council of Life Insurers is banding together with LL Global and five other life insurance industry associations through the Help Protect Our Families initiative to assist more individuals, households, and businesses in securing the financial protection they need.
We want to raise awareness among our partners in communities nationwide that this coverage gap exists. Working together, we can identify ways to close it and expand financial certainty for American families.
Life insurers’ most critical mission is helping people take care of the things that matter most. We strive to fulfill that mission every day. Now more than ever, our industry can be there for American families with financial protection when they need it most.
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.
