There’s no doubt we’re in the midst of living history right now. One day college professors and high school teachers will lecture on what happened in 2020 and the “new normal” spawned from “those days.”
The question is, how will it be remembered? What stories will be told? How will we be judged for the way we responded?
I’ll discuss how life insurers are #MeetingTheMoment for Main Street America in a conversation this week hosted by Kevin Mayeux, who leads the National Association of Insurance and Financial Advisors. I plan to share a variety of efforts.
We are helping those affected by COVID-19 – whether it’s job loss, reduced hours, childcare barriers, or illness – through the CARES Act, which allows penalty-free early access to retirement funds. We are working with owners of small businesses to provide access to emergency funds through their life insurance policies. We are extending grace periods to give policyholders who need more time to pay their premiums.
We are serving our neighbors by responding to urgent needs. As quickly as COVID-19 emerged, life insurers stepped up to help communities respond. The result is an extraordinary show of support, with companies providing medical supplies, donating food, and supporting businesses and nonprofits.
We have the financial strength and flexibility to respond today and prepare for tomorrow. While many Americans are facing financial insecurity, the life insurance industry is committed to ensuring peace of mind for their policyholders. We are using innovations in technology to serve consumers where stay-at-home orders have changed the way we all interact.
I’ll join other leaders in financial services to discuss how we’re shaping that future story. Together, we will demonstrate our commitment to unity and synergy in serving consumers. We will discuss our responsibility to America’s economic recovery. And we will highlight the compassion that’s been on display in this pandemic.
A crisis of this scale will certainly bring about a new normal. Our present-day response will be the future story.
*Please join Kevin and me along with Wayne Chopus, of the Insured Retirement Institute, and Ken Bentsen, of the Securities Industry and Financial Markets Association, on Tuesday, May 12, at 1 p.m. We’re committed to acting as a unifying force in response and recovery efforts in the face of COVID-19. You can register for the virtual panel HERE.
Susan K. Neely was 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 drove public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families. She is CEO Emeritus through December, 2024.
