September is Life Insurance Awareness Month

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Sep 18, 2013, 01:01 ET

WASHINGTON, Sept. 18, 2013 /PRNewswire/ -- The following opinion piece is issued by Dirk Kempthorne, President & Chief Executive Officer of ACLI:

(Photo: http://photos.prnewswire.com/prnh/20130918/DC81268-INFO)

Life insurers play an invaluable role not only in the lives of 75 million American families, but in the nation's economy as well. Learn more at www.acli.com. (PRNewsFoto/American Council of Life Insurers) (PRNewsFoto/AMERICAN COUNCIL OF LIFE...)

September represents many things to many people: Families sending their children back to school. Congress returning from its August recess. Businesses finalizing their end of year planning.

September also is Life Insurance Awareness Month -- a reminder of the invaluable role life insurance plays not only for millions of American families, but in our nation's economy as well.

Today, 75 million American families (2 out of 3) rely on life insurers' products to protect their financial futures and guarantee lifetime income. These are products purchased individually or offered as workplace benefits.

Life insurers also help Americans' build their nest eggs. Savings in permanent life insurance and annuities represent more than 20 percent of Americans' long-term savings. That's 1 in every 5 dollars saved.

In addition, long-term care insurance helps people maintain independence and dignity. Disability income insurance provides income protection if someone can't work because of an injury or illness.

These products represent promises to consumers—promises that benefits will be there when they are needed most. Life insurers deliver on these promises, paying on average $1.5 billion each and every day throughout the year.

And the investments made by life insurers help fuel the nation's economy. It starts with jobs.

Some 2.5 million jobs created by life insurers help support and grow our economy. This includes direct employment, sellers of life insurance products, and other jobs supported by the industry. And as the Number One domestic buyer of U.S. corporate bonds, life insurers provide essential capital to American businesses. That translates into innovation, growth and job creation.

At the same time, life insurers' investments back important public works projects and community development that benefit all Americans. All told, life insurers invest $4.9 trillion in the U.S. economy.

These investments support not just the economy but life insurers' primary mission: securing families' financial futures.

It is an impressive contribution to American families and the nation at large -- a contribution life insurers plan to make for many Septembers to come.

Dirk Kempthorne is President and CEO of the American Council of Life Insurers (ACLI), a Washington, D.C.-based trade association representing more than 300 member life insurance companies in the United States and abroad. Learn more at www.acli.com.

SOURCE American Council of Life Insurers