Proclaiming the Value of Life Insurance
As September comes to a close, we thank all the state governors who proclaimed this month “Life Insurance Awareness Month” and educated their constituents about the value of life insurance for individuals, families, and businesses. An annual event sponsored by Life Happens and supported by the American Council of Life Insurers (ACLI), Life Insurance Awareness Month (LIAM) is a time to reflect on how life insurance can protect financial security and build prosperity for everyday Americans.
During LIAM we highlight both challenges and opportunities. Currently, 60 million families do not have adequate life insurance coverage, while 59% of uninsured consumers say they need life insurance. Life insurers are committed to putting financial protection in the hands of every American. Our policies stay with families for 30, 40, 50 years and more, and are guaranteed to pay benefits when people need us most.
Increasingly, state leaders are recognizing how these benefits create economic security for their constituents. While no one can predict the future, everyone can prepare for it. During the ongoing COVID-19 pandemic, the proven value of life insurance for families has been reaffirmed. Over the past 18 months, more consumers of all ages have secured life insurance as they look to ease their anxiety and safeguard their family’s finances.
Life insurance provides the solutions and the certainty so many are looking for. No one should have to go it alone in hard times, particularly after the loss of a loved one or wage earner. Life insurance benefits can help cover daily living expenses, allow family members to stay in their home, and provide essential funds for educational costs and even for retirement.
These simple truths underpin all the ways America’s life insurance companies serve America’s consumers today. ACLI appreciates the opportunity to collaborate on Life Insurance Awareness Month and raise awareness of life insurance as a crucial, affordable, and accessible tool to enhance prosperity and financial security across generations.
We appreciate the efforts of governors and insurance commissioners to proclaim the value of life insurance during September 2021. We hope more states will join our efforts next fall.
(Kyle Wojewoda is a Legislative Analyst, State Relations at the American Council of Life Insurers (ACLI). He is responsible for monitoring developments in state legislative and regulatory affairs in Colorado, Indiana, Maine, New Hampshire, Oregon, Texas, Vermont, and Washington. He joined the ACLI in 2020 from Stateside Associates in Arlington, Virginia.)