Expressing the Sense of Congress Regarding the Importance of Life Insurance, and Recognizing and Supporting National Life Insurance Awareness Month

EXPRESSING THE SENSE OF CONGRESS REGARDING THE IMPORTANCE OF LIFE INSURANCE, AND RECOGNIZING AND SUPPORTING NATIONAL LIFE INSURANCE AWARENESS MONTH -- (House of Representatives - September 28, 2004)

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Mr. DAVIS of Illinois. Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise in support of H. Con. Res. 461, which expresses the sense of Congress regarding the importance of life insurance and recognizes and supports National Life Insurance Awareness Month.

Like so many Americans, I worry about the financial security and solvency of my own family. With the economy worse than it has been since the early 1990s, many American families are strapped for money and forced to make difficult decisions about where to spend the precious resources they have and still make ends meet.

During these difficult times, some parents are forced to choose between providing for loved ones now or securing their future. Life insurance is an important financial resource for loved ones in the event of death, and it should not be overlooked when financial resources are limited.

The necessity of life insurance is well documented. Recent studies have found that when a premature death occurs, insufficient life insurance coverage on the part of the deceased often results in the surviving family members being placed under an insurmountable burden. Adult members are forced to work longer hours or take on extra jobs, borrow money, and spend less time with their children. Worse yet, this occurs when it is most important that family members spend time together in order to heal and recover from their tragic loss.

By designating September as Life Insurance Awareness Month we are putting aside a time for families to learn and to educate themselves about life insurance. As a society, we must take steps to make sure that our children are provided for and are safe. Almost 50 million Americans say that they have insufficient life insurance to care adequately for their loved ones in case of death. By supporting Life Insurance Awareness Month, we are signaling to the American people that this is an important issue that they should consider for the well-being of their families.

I know that oftentimes people will come by my office after the death of a loved one, and they will often have insufficient funds even for a burial, and collections are taken up. By making sure that we have life insurance coverage prevents these situations from occurring. I want to commend the maker of this legislation.

Mr. Speaker, I do not believe that I am going to have any additional requests for time, and I yield back the balance of my time.