I’ve been honored to serve for the past year as Chair of ACLI’s Board of Directors.
It’s especially fitting that my last month as Chair is September – which is Life Insurance Awareness Month.
For more than 175 years, the life insurance industry has provided financial security to Americans through life insurance. Life insurers have helped millions of American families in their time of need with crucial benefits after the tragic loss of a loved one.
At Boston Mutual Life Insurance Company, we have been focused on providing financial protection to good folks just trying to do right by their family across the country. This ranges from teachers to police officers to firefighters and other working Americans just making an honest living and worried about what challenges life may bring to their loved ones. Companies like ours are committed to delivering on our promises to these people and providing that level of security for their future.
Unfortunately, not enough families have this protection. Barely half of Americans currently have life insurance, according to the 2024 LIMRA/Life Happens Insurance Barometer Study.
The Barometer Study also revealed that most consumers vastly overestimate the cost of life insurance.
Clearly, our industry needs to do a better job of educating consumers. That’s why Life Insurance Awareness Month is so important. Every September our industry collectively spreads the word about the value and affordability of life insurance.
The importance of life insurance can’t be overstated. About 8,000 people die in the U.S. every day. Many deaths are unexpected – nearly 230,000 Americans died from accidents in 2022.
Nothing can replace the loss of a loved one. But if tragedy strikes, the benefits from a life insurance policy can cover daily living expenses, rent or mortgage payments, personal debts, educational expenses and more.
The cost of this protection is often much less than expected. Life insurance policies have different features and options that can help meet different needs and budgets.
While my time as ACLI Chair will conclude in a few weeks, the collective efforts of ACLI members – life insurance carriers based around the country – and our industry’s commitment to making life insurance more accessible for families will prevail.
Paul A. Quaranto, Jr., MBA, LLIF, is Chairman, CEO and President of Boston Mutual Life Insurance Company.
