Industry Associations Unite to Help Address the Life Insurance Coverage Gap in the United States
February 3, 2021 by LIMRA
WINDSOR, Conn., Feb. 1, 2021 /PRNewswire/ — Seven U.S. life insurance trade associations today announced they are pooling their resources to support the efforts of life insurers and financial security professionals as they help Americans get life insurance coverage and the certainty it provides at a time of great financial insecurity for many Americans.
LL Global, the parent organization of LIMRA and LOMA, the American Council of Life Insurers, Finseca, Life Happens, Million Dollar Round Table (MDRT), National Association of Insurance and Financial Advisors (NAIFA) and National Association of Independent Life Brokerage Agencies (NAILBA) have launched Help Protect Our Families, to raise awareness about the value of life insurance and to help the industry address the coverage gap that exists in the U.S.
In 2020, just 54 percent of Americans had life insurance coverage, a significant decline from 63 percent just a decade ago, according to research by LIMRA and Life Happens. Even those who have life insurance may not have enough coverage to adequately support their families. LIMRA research finds there are an estimated 60 million uninsured and underinsured American households, with an average coverage gap of $200,000. The coronavirus has emphasized this financial vulnerability, making it even more critical for our industry to engage and educate Americans about the important role life insurance plays in a family’s financial security.
The seven trade associations have agreed to leverage their unique expertise and resources to develop and share consumer insights and industry best practices that will help carriers and financial security professionals reach those families who are at risk of not having proper coverage.
The COVID-19 pandemic has highlighted the fragility of life and heightened people’s anxieties around their physical, emotional and financial health. While our industry cannot prevent the human tragedy unfolding in our country, we have an opportunity and obligation to help more Americans secure the financial protection they need.
Together, we believe we can help fulfill the industry’s noble purpose and provide Americans a level of financial peace of mind and stability at a time when so much else is uncertain.
To learn more about the campaign, visit https://www.limra.com/helpprotectourfamilies
About the American Council of Life Insurers
The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s 280 member companies represent 95 percent of industry assets in the United States. Visit: www.acli.com
About Finseca
At Finseca we know that financial security improves people’s lives and protects their livelihoods. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day. Finseca promotes the value and purpose of financial security professionals, unifies our voice, and broadens financial security to more communities and generations of Americans. Together, we are rising to the challenge of increasing financial security for all.
About Life Happens
Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor. Since its inception in 1994, Life Happens has provided the highest quality, independent and objective information for people seeking help with their insurance buying decisions. To learn more, visit www.lifehappens.org.
About LL Global
LL Global is the non-profit parent company for LIMRA and LOMA. LL Global provides a unified management and board structure for both trade associations. LIMRA and LOMA have a combined membership of nearly 1,200 insurance and financial services companies in 71 countries worldwide.
About MDRT
Founded in 1927, Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is a global, independent association of more than 65,000 of the world’s leading life insurance and financial services professionals from more than 500 companies in 70 nations and territories. MDRT demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. Visit: www.mdrt.org
About NAIFA
The National Association of Insurance and Financial Advisors is the preeminent membership association for the multigenerational community of financial professionals in the United States. NAIFA members subscribe to a strong Code of Ethics and represent a full spectrum of financial services practice specialties. They work with families and businesses to help Americans improve financial literacy and achieve financial security. NAIFA has 53 state and territorial chapters and 35 large metropolitan local chapters. Visit: www.naifa.org
About NAILBA
The National Association of Independent Life Brokerage Agencies (NAILBA) is the premiere insurance industry organization promoting financial security and consumer choice through the use of independent brokerage distribution. NAILBA serves as the national association of life, health and annuity insurance distributors. Visit: www.nailba.org.
SOURCE LIMRA
