The U.S. Senate now is considering a resolution that could designate September “Life Insurance Awareness Month.”[@@]
Members of the House voted 477-4 Monday to pass the Life Insurance Awareness Month resolution, H.Con.Res. 181.
Insurance industry groups behind the Life Insurance Awareness Month program include the Life and Health Insurance Foundation for Education, Washington; the National Association of Insurance and Financial Advisors, Falls Church, Va.; and the American Council of Life Insurers, Washington.
“Life insurance is too often thought of only when it is too late,” Rep. Judy Biggert, R.-Ill., the sponsor of the resolution, said Monday in a speech on the House floor, according to a version of her remarks printed in the Congressional Record.
“Over half of adult Americans do not have a life insurance policy, and among those who do have life insurance, the amount is often too small to safeguard the financial futures of their loved ones,” Biggert said.
House members should support Life Insurance Awareness Month to promote the goal of making consumers more aware of their life insurance needs, Biggert said.
The ACLI put out a statement welcoming passage of the Life Insurance Awareness Month resolution.
“The House action helps bring attention to the critical role life insurance plays in a financial plan,” ACLI President Frank Keating says in the statement. “We hope the action by the House prompts Americans to review their coverage to ensure they have the protection they need for their families.”
Although H.Con.Res. 181 drew overwhelming bipartisan support in the House, 2 Republicans and 2 Democrats voted against it.
Among those voting against the measure was Rep. Ron Paul, R-Texas.
“We don’t have variable annuity month or mutual fund month,” says Paul spokesman Jeff Deist. “We don’t think it is the role of Congress to back one particular industry.”