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01/17/2021 08:05 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20190&cosponId=30408
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House of Representatives
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: September 24, 2019 10:11 AM
From: Representative Tina Pickett and Rep. Anthony M. DeLuca
To: All House members
Subject: Life Insurance Awareness Month - October 2019
 
In the near future, Representative Anthony DeLuca and I will offer a Resolution to designate October 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, as the Chairs of the House Insurance Committee, to raise awareness on the importance of Life Insurance to all Pennsylvanians.



Introduced as HR563