Finally, we’re seeing light at the end of the COVID-19 tunnel. As more Americans get vaccinated and restrictions are eased, our nation is nearing a return to normalcy.
2020 was an unprecedented year – unlike no other. America not only grappled with the pandemic and its health and economic impact – we also saw renewed commitment to social justice, as well as a huge geo-political divide. These converging factors will impact the world, our country and business for years to come.
As difficult as each of these momentous challenges have been, they have also reaffirmed the fundamental importance of protecting one’s family.
I’m proud to be part of an industry that has provided guaranteed protection for American families for more than 175 years.
My organization, Royal Neighbors of America, has been providing protection to American families since 1895, and was one of the first to offer life insurance to women.
Whether it was the Spanish Flu epidemic, the Great Depression, World Wars I and II, the 9-11 terrorist attacks or the 2008 financial crisis – our industry has been there for American families when times are tough.
In response to the coronavirus and the resulting economic turmoil, life insurance companies offered relief to customers by extending grace periods to give policyholders who needed more time to pay their premiums. We also assisted government officials and local leaders by donating masks and other critical supplies, supporting community foundations and relief organizations, and making significant financial contributions.
In times like these, consumers deeply value their relationships with trusted financial professionals. ACLI members have strongly supported best interest consumer protections that make certain lower- and middle-income savers will have the right to choose who advises them while maintaining their access to crucial retirement income options.
At the same time, too many Americans have lacked access to the tools and resources that could help them achieve financial security. ACLI is working on concrete steps to attain broader economic empowerment in financially underserved communities across the nation through its Economic Empowerment and Racial Equity Initiative.
Life after COVID will certainly be different. But one thing will never change: life insurance companies will continue to lead our nation’s efforts to provide all Americans with an equal opportunity to protect their family.
Cynthia Tidwell is President and CEO of Royal Neighbors of America. She won the ACLI Forum 500 Distinguished Service Award in 2021.
