September is Life Insurance Awareness Month

American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following remarks in recognition of Life Insurance Awareness Month:

WASHINGTON, Sept. 6, 2016 /PRNewswire-USNewswire/ — “People purchase life insurance with the hope that their families will never need the policies’ death benefi ts. But, if a policyholder dies, the true value of a life insurance policy becomes crystal clear.

“Benefi ts from a life insurance policy cannot heal the emotional loss of a loved one, but they can help a family endure fi nancially. The approximately $865 billion life insurers have paid out since the year 2000 have helped families pay the rent and mortgage, tuition bills and groceries, among many other things.

“The benefi ts life insurers provide explain why 75 million American families rely on the life insurance industry to protect their fi nancial futures.

“Life insurers also protect families and people by offering the annuity – a personal pension. The annuity is the only fi nancial product in the private-sector marketplace that guarantees lifetime income. In addition, life insurers’ long-term care insurance helps people maintain independence and dignity if long-term care services are needed. Disability income insurance provides income protection if someone can’t work because of an injury or illness.

“At the same time, life insurers also help people fi nancially plan for the future by encouraging savings in employer-sponsored retirement plans and other savings vehicles. More than 16 percent of Americans’ long-term savings are in life insurers’ products.

“Life insurers’ products and services represent solutions.

“During Life Insurance Awareness Month, ACLI will highlight the many ways life insurers fi nancially protect America’s families. ACLI hopes that it will not take the loss of loved ones before more families clearly recognize the importance of life insurance and other industry products.”

Follow ACLI on Twitter @ACLINews throughout the month and see our infographic for more facts about the industry.