CFO Jimmy Patronis Recognizes September as Life Insurance Awareness Month
9/14/2022
CFO Jimmy Patronis Recognizes September as Life Insurance Awareness Month
CFO Jimmy Patronis said, “Securing your family’s financial well-being is essential in today’s economy and life insurance is an important part of building a strong financial plan. Last year, people bought a record $3.3 trillion in life insurance coverage. However, around 102 million Americans still live day-to-day without this basic security blanket. As your Chief Financial Officer, I am encouraging every Floridian to take advantage of obtaining a life insurance policy to safeguard your family’s financial future.”
WHEREAS, life insurance is the foundation of any strong financial plan and provides people with a sense of security that many are looking for, with the vast majority of Americans recognizing that it is important to protect loved ones with life insurance; and
WHEREAS, the life insurance industry paid out over $90 billion to beneficiaries in 2020, a 15.4% increase over the previous year, providing a tremendous source of financial relief and security to families that experience the loss of a loved one; and
WHEREAS, people bought a record $3.3 trillion in life insurance coverage last year, some 43.1 million policies, that brought the total life insurance coverage to $20.4 trillion in the U.S.; and
WHEREAS, new policy growth jumped last year to the highest levels since 1983, there is still a lot that the insurance industry can do to ensure that families are properly protected and even despite the importance that people place on life insurance and the peace of mind that it brings to millions of American families, there are still too many Americans who lack adequate coverage; and
WHEREAS, the unfortunate reality is that roughly 102 million adult Americans, or 40% of the adult population have no life insurance and most with coverage have less than experts recommend; and
WHEREAS, for the sixth consecutive year, the percentage of uninsured women has increased with just 46% of women reporting having owned life insurance compared with 53% of men; and
WHEREAS, millions of Americans realize that they are underinsured, with nearly one in three believing that they do not have enough coverage and further need to be educated on the value of life insurance coverage; and
WHEREAS, the nonprofit LIFE Foundation and a coalition representing hundreds of leading life insurance companies and organizations have designated September 2022 as “Life Insurance Awareness Month,” to encourages consumers to seek advice from a qualified insurance professional, and to take the actions necessary to achieve a financially secure future for their loved ones.
NOW, THEREFORE, BE IT RESOLVED that the Chief Financial Officer and State Fire Marshal of the State of Florida, does hereby proclaim September 2022 as
LIFE INSURANCE AWARENESS MONTH
in Florida and urges Floridians to learn more about the resources available to decrease their financial vulnerability and increase their awareness of the importance of life insurance and its benefits.
IN TESTIMONY WHEREOF the Chief Financial Officer and State Fire Marshal hereunto subscribed his name on the 1st day of September 2022.
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About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).
