ACLI Marks Life Insurance Awareness Month With New Research Showing Path To Financial Security
WASHINGTON, Sept. 8, 2017 /PRNewswire/ -- New research from the American Council of Life Insurers (ACLI) finds that nearly two-thirds of U.S. households are on the right track to financial security.
The ACLI study analyzes data from 4,500 U.S. households to provide a comprehensive picture of Americans' current state of financial and retirement security. It finds that 65 percent of U.S. households are on track or nearly on track to be financially secure. Among households considered to be the most financially secure, 25 percent earn $50,000 or less. Among households that need significant financial improvement, 25 percent earn $72,000 or more.
"The study dispels the myth that income levels alone guarantee financial security," said ACLI President and CEO Dirk Kempthorne. "Financial and retirement security can be within everyone's reach so long as they have access to, and use, the right tools."
The ACLI research looks at characteristics and common practices that contribute to a household's financial security. It finds that most financially secure households:
- Have a financial plan;
- Accumulate savings;
- Maintain an emergency fund;
- Manage debt, and
- Secure financial protection through life insurance, disability income insurance, long-term care insurance and annuities.
"The research shows a path that all Americans, regardless of income, can take to build financial and retirement security," said Governor Kempthorne.
"Financial and retirement security also means protecting what you have built from life's uncertainties. That is what life insurers do every day for 75 million American families. Whether it is protecting families' financial futures following the death of a wage earner, protecting hard-earned savings from being depleted due to a disability or the high cost of long-term care, or protecting against the risks of outliving retirement savings, life insurers offer solutions that form the cornerstone of financial security.
"We chose to release this study during Life Insurance Awareness Month to educate Americans on the steps they can take to improve their financial and retirement security and the key role life insurance products play in those plans. In fact, 80 percent of financially secure households own life insurance."
Visit www.acli.com throughout the month of September to learn how annuities and life, disability income and long-term care insurance can help Americans secure their financial futures. And see our infographic for more facts about the industry.
SOURCE American Council of Life Insurers
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