Wednesday, June 17th, 2009Tom Korb, VP of public policy affairs at the Association for Advanced Life Underwriting (AALU), recently published an article in the InsuranceNewsNet magazine. While the article was on political involvement, a number of the points he listed are of interest to consumers.
- The life insurance industry provides security for 75 million families through the use of its products.
- Very few Americans can self insure against the risk of premature death through their own financial resources.
- Life insurance provides tremendous security, particularly in times of economic uncertainty, by protecting families from financial loss when a loved one dies.
- Businesses rely on life insurance to protect against financial uncertainty and secure their employee’s futures.
- Life insurers infused more than $56 billion into the U.S. economy in 2007 through death benefits and paid to beneficiaries more than $70 billion of annuity benefits into the U.S. economy on 2007.
- Life insurer’s assets totaled $5.1 trillion at the end of 2007. 50 percent of those assets are held in bonds, most of which are corporate bonds. The life insurance industry is the single-largest source of corporate bond financing in the U.S. and holds 18% of total U.S. corporate bonds