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$1.6 billion: What life insurers pay out in claims every day

Brian Anderson

WASHINGTON – People purchase life insurance with the hope that their families will never need the policies’ death benefits. But, if a policyholder dies, the true value of a life insurance policy becomes crystal clear, says American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne.

In support of Life Insurance Awareness Month, ACLI has released a new infographic (shown below) with compelling facts about the impact the life insurance industry has on the U.S. economy. ACLI also released a statement from Kempthorne, who notes that benefits from a life insurance policy cannot heal the emotional loss of a loved one, but they can help a family endure financially.

“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,” Kempthorne said. “The benefits life insurers provide explain why 75 million American families rely on the life insurance industry to protect their financial futures.”

More comments from Kempthorne:

“Life insurers also protect families and people by offering the annuity – a personal pension. The annuity is the only financial 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 financially plan for the future by encouraging savings in employer-sponsored retirement plans and other savings vehicles. More than 16% 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 financially 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.”

More LIAM coverage:

About ACLI: The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 280 member companies operating in the United States and abroad. ACLI advocates in state, federal, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing 95% of industry assets. Learn more at www.acli.com.



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