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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2019 - 2020
Regular Session
MEMORANDUM
| Posted: | September 8, 2020 11:32 AM |
|---|---|
| From: | Senator Mario M. Scavello and Sen. Sharif Street |
| To: | All Senate members |
| Subject: | Designating September 2020 as “Life Insurance Awareness Month” in Pennsylvania |
| In the near future, we plan to introduce a Resolution designating September 2020, as “Life Insurance Awareness Month” in Pennsylvania. According to the 2019 Life Happens/LIMRA Insurance Barometer Study, market penetration for life insurance equals 57 percent among American adults, a decline from 2016. Americans under 25 are more concerned than any other age group when it comes to their dependents’ financial security. Cost is a perceived barrier as over half of the population surveyed thinks the cost of a term life insurance policy is more than three times the actual cost and is their reason for not purchasing life insurance, or more of it. According to LIMRA, 30 percent of U.S. households have no life insurance whatsoever, leaving a significant portion of the population without a financial safety net. Between 2017 and 2019, 17 million households seriously shopped for life insurance, a decline of almost 2 million households. Social media and other consumer education platforms exist to help consumers better understand how life insurance works and provides access to licensed professionals who can assist in purchasing life insurance. Life Insurance Awareness Month was started 10 years ago on the Federal level - to educate the public about the importance of long-term financial planning and encourage all Americans to take stock of their life insurance needs. Please join us in sponsoring this important resolution. If you have any questions regarding this resolution, please contact Christine Zubeck in my office at 717-787-6123 or czubeck@pasen.gov. Thank you for your consideration. |
Introduced as SR386