By Amanda Barry-Moilanen
Policy Analyst, Life
09/19/24
Life insurance is an important financial tool for all consumers to consider. But because it is not mandated like private passenger auto or health insurance, it may be overlooked by those for whom it could have the greatest impact.
In fact, over 100 million Americans either need life insurance or need more of it. Unfortunately, it is estimated that 76% of Americans assume life insurance for themselves and/or their families is too expensive. This is concerning because when suitable to consumers’ circumstances and used correctly, life insurance and annuities may be invaluable tools to ensure financial security for generations.
September is Life Insurance Awareness Month (LIAM), providing 30 dedicated days to highlight how to leverage life insurance and annuity products to suit consumers’ financial needs. LIAM is a coordinated campaign by Life Happens, a national nonprofit organization whose mission is to educate consumers about the financial benefits of life insurance and life insurance products, knowledge that could help them for a lifetime.
It is well known that life insurance products can provide critical financial assurance for families affected by loss of a loved one or other covered loss or condition. Many life insurance and annuity products are directly affected by the behavior of markets, so it is in the best interest of consumers to take the time to review current policies and research emerging products.
There are many resources available to aid consumers and practitioners alike in their life insurance education. Please visit the Academy’s website to learn more about life insurance and the work our life actuarial volunteers are doing to promote sound public policy in the life actuarial space.
In addition, consider attending the Academy’s Envision Tomorrow annual meeting in Washington, D.C., on Oct. 15–16 to attend a panel discussion on “Financial Security: Annuities & Long-Term Care.” The session will bring together speakers from the American Council of Life Insurers, the National Association of Insurance Commissioners, and the Academy to discuss how the middle class use certain life products to provide financial security now and for future generations. Speakers will cover a broad range of perspectives, including the consumer, regulator, practitioner, and industry.
Expanding financial literacy so consumers can have a better understanding of the potential benefits of life insurance could be yet another step toward increased security for families for years to come. Recognizing LIAM is just one more way the Academy serves the public and supports our mission to ensure that the financial systems in the U.S. are sound and sustainable.
