NCOIL Adopts "Life Insurance Awareness Month" Resolution
State Legislators Join Growing List of Government Entities Supporting Industry-wide Initiative
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Lee Allen
Vice President of Communications and Marketing
703-770-8112
July 25, 2006 – On Saturday July 22, a prominent group of state legislators adopted a resolution in support of the goals and ideals of “Life Insurance Awareness Month.”
At its summer meeting, the National Conference of Insurance Legislators (NCOIL) passed the measure, which recognizes September 2006 as “Life Insurance Awareness Month.” The goal of the public education campaign is to make consumers more aware of the essential role of life insurance in a sound financial plan and encourages them to seek information and tools that will help them better understand life insurance—studies show that 70 million Americans say they lack the life insurance coverage they need to help ensure the financial security of their loved ones.
Coordinated by the Life and Health Insurance Foundation for Education (LIFE), Life Insurance Awareness Month is an industry-wide initiative that includes the participation of some 90 life insurance companies and 14 trade associations, including the National Association of Insurance and Financial Advisors (NAIFA). The life insurance industry will conduct a wide range of sales and publicity programs in and around the month of September. For its part, LIFE plans to spend millions of dollars in September educating consumers about the benefits of life insurance and the importance of seeking financial advice from qualified insurance professionals. LIFE’s publicity plans include print, radio and television advertising. It has also retained Olympic figure skating champion Scott Hamilton as this year’s celebrity spokesperson.
NCOIL joins a growing list of state and federal government entities backing Life Insurance Awareness Month. In June, the National Association of Insurance Commissioners (NAIC) Life Insurance Committee passed a similar resolution. Resolutions have also been introduced in the U.S. House of Representatives and Senate; both houses of Congress are also expected to give their overwhelming support for the campaign. In addition, a letter of support is expected from President George Bush.
“The support given by NCOIL and other government entities reinforces the government's continued recognition of the essential role of life insurance in the financial lives of the American people,” said David F. Woods, CLU, ChFC, LUTCF, NAIFA's chief executive officer and LIFE’s president. “It’s critical that state and federal government officials join the life insurance industry in efforts to help Americans understand the importance of having adequate life insurance coverage to protect their loved ones.”
About LIFE: The Life and Health Insurance Foundation for Education (LIFE) was founded in 1994 in response to the public's growing need for information and education on life, health, disability and long-term care insurance. LIFE also seeks to remind people of the important role insurance professionals perform in helping families, businesses and individuals find the insurance products that best fit their needs. To learn more about these topics, please visit www.life-line.org.
About NAIFA: Founded in 1890 as the National Association of Life Underwriters, the National Association of Insurance and Financial Advisors comprises 800 state and local associations representing the business interests of 225,000 members and their employees nationwide. Members focus their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. NAIFA's mission is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members. NAIFA's website can be accessed at www.naifa.org.