Financial Security for Underserved Communities

Oct 12, 2020

Life insurers’ most critical mission is helping people take care of those they love. Our mission has never been more important. 

Our nation is grappling with three vexing and overlapping societal crises: the COVID-19 pandemic, a severe economic downturn and systemic racial inequality. Fully recognizing the magnitude of this moment in history, life insurers are doubling down on our commitment to support our communities. 

The industry is launching its Economic Empowerment and Racial Equity Initiative, which establishes concrete steps to advance these goals. The initiative is centered around:

  1. Expanding access to affordable financial security protection in underserved communities
  2. Advancing diversity and inclusion in company leadership and on corporate boards
  3. Achieving economic empowerment through financial education
  4. Expanding investments in underserved communities.

Life insurance products play a significant role in financial empowerment due to their transformative ability to provide financial security and build intergenerational wealth. Life insurers provide 90 million American families with a financial safety net that protects them through all stages of life. But many families lack financial security products.

Life insurers are exploring new and innovative ways of underwriting and distribution to make financial security products more accessible and affordable. We are expanding our reach into culturally diverse communities by recruiting, educating and training advisors who live and work in the communities they serve.

100% of ACLI’s Board of Directors signed the CEO Action Pledge for Diversity and Inclusion. Our leaders were among the first to sign the pledge, which commits their organizations to advance diversity and inclusion in the workplace.

Life insurers are committed to supporting financial education. One-third of financial inequality in the U.S. could be accounted for by differences in financial literacy. We’re seeking more impactful partnerships that will improve Americans’ financial education.

We’re also expanding investments in underserved communities. Life insurers invest millions of dollars every day in affordable housing, hospitals, schools and other initiatives nationwide. 

We stand committed to advance solutions that address systemic inequality. We will help more Americans access information, tools and leadership opportunities that result in improved financial security for more families, especially those in underserved communities.

Susan K. Neely

Susan K. Neely is the 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 drives public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families.