House, Senate Pass "Life Insurance Awareness Month" Resolutions
Public Education and Action Needed, Say Key Congressional Sponsors
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WASHINGTON, DC – Recognizing the alarming number of Americans who lack the life insurance needed to ensure their families' financial security, the U.S. House of Representatives and the U.S. Senate passed separate resolutions last night recognizing September as "National Life Insurance Awareness Month."
In her remarks prior to the vote, Rep. Judy Biggert (R-IL), a sponsor of the House resolution, H. Res. 912, along with Rep. Paul Kanjorski (D-PA), urged her colleagues' support. "Life insurance is too often thought of only when it is too late," she said from the House floor. "Today, only 4 in 10 Americans own an individual life insurance policy, and among those who do have life insurance, the amount is too small to safeguard the financial future of their loved ones. House Resolution 912 calls on the nation to observe the month of September as Life Insurance Awareness Month."
Biggert singled out the Life and Health Insurance Foundation for Education (LIFE Foundation), NAIFA and the American Council of Life Insurers (ACLI) as being part of a growing number of life insurance providers and advocates working to "make consumers more aware of their life insurance needs, seek professional advice, and take the actions necessary to achieve financial security for their families."
"Life insurance is a financial planning tool that all families should explore, but particularly at this time when we in this country are so interested in providing personal and family security," said Rep. Kanjorski in his remarks to the House chamber.
In his statement, Sen. Ben Nelson (D-NE), who sponsored the Senate resolution, S.Res. 448, said that "with 70 million Americans lacking the life insurance coverage they need to ensure a secure financial future for their families . . . the legislation will help raise awareness of the importance of life insurance."
An industry-wide effort coordinated by the LIFE Foundation, Life Insurance Awareness Month includes the participation of some 90 life insurance companies and 14 trade associations. The life insurance industry is conducting a wide array of sales and publicity programs this month. The campaign's spokesperson is Olympic figure skating champion Scott Hamilton.
This is the third straight year that the House has taken action to make Americans more aware of their life insurance needs and motivate them to secure their families' financial future. Last year and in the inaugural 2004 campaign, similar resolutions were introduced and overwhelmingly passed by the House. The Senate has passed resolutions the last two years.
Besides the House and Senate, other top government officials have also expressed their support for the month-long campaign—President George W. Bush acknowledged the industry's efforts in a letter dated August 15, 2006, and so far nearly 25 of the nation's governors have signed separate Life Insurance Awareness Month proclamations in their states. Also publicly supporting the initiative are the National Association of Insurance Commissioners (NAIC) and the National Conference of Insurance Legislators (NCOIL).
"The overwhelming support for the campaign by Congress and other leading government officials is important to the success of this industry-wide initiative," said David F. Woods, CLU, ChFC, LUTCF, NAIFA's chief executive officer and LIFE's president. "The action taken by the House and Senate yesterday reinforces the government's continued recognition of the essential role of life insurance in the financial lives of the American people."
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.