DISB Launches First Consumer Info Fair
As a launch to its comprehensive consumer protection plan, DISB will host DISB’s MONEYWI$E: A Consumer Information Fair on Friday, Oct. 27, from 10 am to 3 pm. This one-stop financial fair will be at One Judiciary Square, 441 4th St., NW, Old Council Chambers, Lobby Level South. The fair will feature mini-workshops and resources on topics such as mortgage lending, home buying, age-based insurance needs, financial fraud, credit counseling, wise investing and much more. It’s a showcase of a broad range of financial-service resources for managing personal finances. Nonprofit organizations and District government agencies will be on hand to answer questions. This fair is a major component of DISB’s overall emphasis on protecting the consumers of the District of Columbia. Over the past year, the agency has taken aggressive steps with several financial education outreach programs, seminars, workshops, publications and information in the media and any number of the District’s Internet list servs. For more information, check DISB’s website at http://www.disb.dc.gov/.

 

By Michelle B. Phipps-Evans

The District of Columbia Department of Insurance, Securities and Banking (DISB) kicked off September’s National Life Insurance Awareness Month with Commissioner Thomas E. Hampton appearing on WUSA-TV9’s Mind over Money program on Sept. 1 to discuss renters insurance for students.

In keeping with the national program, Mayor Anthony A. Williams had designated September as Life Insurance Awareness Month in the District with a mayoral proclamation. Now in its third year, Life Insurance Awareness Month is a national industry-wide effort coordinated by Life and Health Insurance Foundation for Education (LIFE), a nonprofit dedicated to addressing the public’s need for information about life, health, disability and long-term care insurance. Each September, LIFE is joined by more than 100 of the nation’s insurance companies, regulators and other industry groups with the same objective: to end the unnecessary financial suffering that often occurs when a loved one dies.

“If you don’t have life insurance, or you haven’t reviewed your coverage, the month of September would be ideal for you to meet with an expert to see if you have enough protection, or to review your life insurance policy and update it to reflect any major changes in your lives,” Hampton said. “Millions of individuals and households are either uninsured or underinsured, leaving them financially vulnerable if a breadwinner suddenly passes away.”

To recognize the month, DISB sent out weekly consumer tips on life insurance, based on Insure U, which was created by the National Association of Insurance Commissioners, an organization of state insurance regulators. Insure U asks each consumer to consider his or her life stage when buying insurance products—young single, young family, established family and senior/empty nester. DISB sent weekly newsletters on each, asking people to take the Insure U age-relevant quiz at http://www.insureuonline.org/.

In September, DISB joined forces with nonprofit organizations, the District of Columbia Insurance Federation, the American Council of Life Insurers and the National Association of Insurance and Financial Advisors-Greater Washington D.C., to celebrate the month. On Sept. 15, they got together to mark the second annual celebration in the District. Highlights included testimonies from people who felt the impact of life insurance and long-term care insurance; and the introduction of LifeBridge, a free life insurance program for low-income families.

According to a recent survey by LIMRA International, a research organization, 68 million Americans have no life insurance and those with coverage have far less than most experts recommend to guarantee a secure financial future for their families. That is more than 30 percent of adult Americans without life insurance coverage, and those with coverage have considerably less than they need.

“Life insurance is a financial planning tool that every family needs to explore and consider, particularly now when we are so interested in providing personal and family security,” Hampton said.

DISB got great media exposure and attention when Hampton was interviewed by talk show host Joe Madison on the “Madison, the Black Eagle Show” on WOL 1450 AM on Sept. 21. He also spoke to host Gloria Minott on WPFW 89.5 on Sept. 25 about DISB’s work for the month.

Hampton said the month-long activities were successful in bringing more information and knowledge to District consumers about the importance of life insurance in maintaining their standards of living.