Last month in New York City, I saw a wonderful new sculpture of Sojourner Truth, Susan B. Anthony and Elizabeth Cady Stanton honoring the 100th anniversary of women’s suffrage.
New York Life was a major donor for the statue. That’s fitting because Anthony used the cash value of her New York Life insurance policy in 1900 to guarantee the admission of the first women students to the University of Rochester.
(Related: The Spanish Flu Centennial —1918 Flu Pandemic Hit Insurers Hard)
The opportunity for policyholders to access funds is one of many enduring values of life insurance. These values are as true today during the COVID-19 pandemic as they were 120 years ago when Anthony helped those trailblazing students.
September is Life Insurance Awareness Month, when we highlight how life insurance provides vital financial support to Americans when they need it most.
From the earliest days of COVID-19, life insurers have been there #MeetingTheMoment for their customers from coast-to-coast. Life insurers pay out $2.1 billion every day, reinforcing the $2.7 billion a day paid by Social Security.
During the pandemic, the life insurance industry has extended contact hours, enhanced online capabilities and provided premium payment accommodations to customers impacted by COVID-19.