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Congress introduces resolutions for Life Insurance Awareness Month

POSTED: September 30, 2008 5:00 a.m.

WASHINGTON, D.C. — 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 for the first time in 2004 passed separate resolutions recognizing September as "National Life Insurance Awareness Month." Each year these resolutions are renewed and in 2008 at the federal level, SR 602 has already been introduced in the Senate by Sens. Saxby Chambliss and Ben Nelson, and Reps. Judy Biggert and Paul Kanjorski have introduced HR 1392, the House of Representative’s companion resolution.

There is a growing crisis in America of people not having enough life insurance coverage to provide for their loved ones in the event of their premature death. Today, 68 million adult Americans have no life insurance and those with insurance have far less than they need — only four times their annual income in coverage. Compare that to the payments disbursed by the September 11 Victim Compensation Fund following the attacks on World Trade Center and Pentagon. Using a Human Life Value-style calculation, the federal government arrived at average payments of 25 times income.

Kanjorski once said that “Life insurance is a financial planning tool that all families should explore.” Nelson said “Americans need to ensure a secure financial future for their families, this legislation will help raise awareness of the importance of life insurance.”

This year actor singer Donnie Wahlberg will be the celebrity spokesperson for LIAM.

For more information on Life Insurance Awareness Month call Robert Sellars, LUTCF at 826-1061 or you can stop by Burns Insurance Associates at 201 N. Columbia Ave., Suite C, Rincon.

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