America’s life insurers can help anyone – of any age, occupation, gender or race – make certain they can plan for a secure financial future.
This certainty has long been attractive to American families. Now more than ever, it’s becoming essential.
In a recent panel discussion on Capitol Hill, Sam Zaleski of HarrisX cited a Pew survey that revealed between 70 and 80% of people are super anxious about their finances.
Between rising interest rates, inflation, and stock market volatility, it’s no wonder Americans are concerned. At the same time, it’s no surprise that sales of life insurance and annuities have been rising in recent years. For more than 175 years, America’s life insurers have been there for American families providing financial stability and security.
September is Life Insurance Awareness Month, when the importance of life insurance for American families is reaffirmed.
Life insurers paid a record $100 billion to beneficiaries of life insurance policies in 2021. In 2020, life insurers paid a then-record $90 billion. This was 15.4% higher than the amount paid in 2019, the largest year-to-year increase since the Influenza Epidemic of 1918.
During the panel discussion, author and personal finance expert Lynnette Khalfani-Cox pointed out that about two-thirds of Americans will face unexpected financial shocks during their lives including the death of a loved one, disability and disease.
“The data show that it typically takes people years to recover from one of these setbacks,” Khalfani-Cox said. “So that’s why it’s so important to really talk about the ways in which we can promote resilience, to give people the capacity to bounce back from adversity.”
A time-honored tool to build financial resilience is through life insurance. Khalfani-Cox shared that her sister passed away when she was just 49 years old, leaving behind an 11-year-old daughter.
“She absolutely had life insurance, which was huge, because so often so many families are either underinsured or just have no insurance whatsoever,” Khalfani-Cox said.
There is no way to predict what the future holds. But everyone can prepare for it. That simple truth underpins how America’s life insurance companies serve our customers.
Life insurers are committed to working with families to ease financial anxiety and provide financial certainty – during Life Insurance Awareness Month and all year long.
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.
