For the second time in a row, the DC Department of Insurance, Securities and Banking (DISB) will mark September as Life Insurance Awareness Month to keep consumers informed with tips about life insurance throughout September. This month is designed to help increase public awareness about the importance of life insurance in providing protection for unforeseen events and the benefits of advice from financial service professionals.
“We don’t like to think about the unthinkable, but we must, especially with the high cost of living in the capital region,” said Commissioner Thomas E. Hampton. “Life Insurance Awareness Month gives us an opportunity to examine our priorities and needs based on changes in our financial situations and life stages. One of the biggest mistakes people make is not changing their policies to match their changing needs. As regulators, we want to help our consumers make wise choices about the types of insurance that best fit their lifestyles and personal needs.”
During this month, DISB will send weekly life insurance tips to District residents in the hope that it will have them thinking about making insurance changes based on their life stages. The consumer alert, which will be released every Wednesday of the month, will be on (1) Understanding Your Insurance Policy*, (2) Ten Things You Should Know About Buying a Fixed Deferred Annuity*, (3) Buying Viaticals as Investments* and (4) Life Insurance FAQs*.
Studies have shown that 70 million Americans say they lack the life insurance coverage they need to ensure the financial security of their loved ones. Further, US life insurance sales activity for individually underwritten life insurance was down 5.5 percent in July in comparison to June, one of the largest changes in the last five consecutive years of June declines, according to the MIB Life Index, the life insurance industry’s timeliest measure of application activity across North America. Declines were consistent across all age groups except the 60 plus group which showed a four-month growth trend increasing 5.2 percent this year.
“Life insurance should not be considered a luxury,” Commissioner Hampton added. “This is why DISB will ensure our information will reach not only the local media but the community list servs, blogs, community-based newsletters and the consumers themselves. DISB is trying several innovative strategies to release its message to District residents, and we encourage them to visit our website on a weekly basis.”
Highlights:
Wednesday, September 5, from noon to 1 pm, DISB continues its First-Wednesdays Money Saving Seminars with the topic, Who Needs Life Insurance, to mark September’s Life Insurance Awareness Month. The seminar is at DISB’s office at 810 First Street, NE, Suite 701. Feel free to bring your lunch.
Thursday, September 6, from 10 am to 3 pm, DISB will have a table at the DC Office on Aging’s ElderFest at Freedom Plaza, between 13th and 14th Streets and Pennsylvania Avenue, NW. It will provide tidbits on life insurance, including long-term care insurance information for seniors and empty nesters.
Thursday, September 27, from 10 am to 3:30 pm, DISB will host its second annual Insurance Open House for insurance compliance professionals representing companies doing business in the District of Columbia. Commissioner Hampton will welcome the visitors and the guest speaker will be the president of the National Association of Insurance Commissioners and Alabama Insurance Commissioner Walter Bell. The open house will be at DISB’s office at 810 First Street, NE, Suite 701.
Every Wednesday of the month, DISB will send out tips on life insurance. DISB will use various methods to ask District residents to consider, and to prepare for the “What ifs” in life. The agency will continue to have media appearances to discuss life insurance. DISB staff will attend various District events to give information on life insurance in select areas in the District of Columbia.
Last year, for Life Insurance Awareness Month, DISB launched Insure U, the national public education campaign on insurance issues on a local scale. Developed by the National Association of Insurance Commissioners (NAIC), of which DISB is a member, Insure U has two objectives: to help consumers get smart about insurance as their life stage needs change, and to educate them about ways to avoid being scammed by fake insurance companies. The program includes an online education site, public service announcements in English and Spanish and community educational presentations. In July 2007, DISB launched Insure U for Small Business, a new comprehensive public education resource to help small businesses understand and address business risks with insurance options.
Headquartered in Kansas City, Mo., NAIC is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five US territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise.