[Congressional Record Volume 152, Number 108 (Wednesday, September 6, 2006)]
[House]
[Pages H6249-H6251]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SUPPORTING THE GOALS AND IDEALS OF NATIONAL LIFE INSURANCE AWARENESS 
                                 MONTH

  Ms. FOXX. Mr. Speaker, I move to suspend the rules and agree to the 
resolution (H. Res. 912) supporting the goals and ideals of National 
Life Insurance Awareness Month.
  The Clerk read as follows:

                              H. Res. 912

       Whereas life insurance is an essential part of a sound 
     financial plan;
       Whereas life insurance provides financial security for 
     families by helping surviving members meet immediate and 
     long-term financial obligations and objectives in the event 
     of a premature death in their family;
       Whereas approximately 68,000,000 United States citizens 
     lack the adequate level of life insurance coverage needed to 
     ensure a secure financial future for their loved ones;
       Whereas life insurance products protect against the 
     uncertainties of life by enabling individuals and families to 
     manage the financial risks of premature death, disability, 
     and long-term care;
       Whereas individuals, families, and businesses can benefit 
     from professional insurance and financial planning advice, 
     including an assessment of their life insurance needs; and
       Whereas numerous groups supporting life insurance have 
     designated September of 2006 as National Life Insurance 
     Awareness Month as a means to encourage consumers to (1) 
     become more aware of their life insurance needs; (2) seek 
     professional advice regarding life insurance; and (3) take 
     the actions necessary to achieve financial security for their 
     loved ones: Now, therefore, be it
       Resolved,  That the House of Representatives--
       (1) supports the goals and ideals of National Life 
     Insurance Awareness Month; and
       (2) requests that the President issue a proclamation 
     calling on the Federal Government, States, localities, 
     schools, nonprofit organizations, businesses, and the 
     citizens of the United States to observe the month with 
     appropriate programs and activities.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
North Carolina (Ms. Foxx) and the gentleman from Illinois (Mr. Davis) 
each will control 20 minutes.
  The Chair recognizes the gentlewoman from North Carolina.


                             General Leave

  Ms. FOXX. Mr. Speaker, I ask unanimous consent that all Members may 
have 5 legislative days in which to revise and extend their remarks and 
include extraneous material on the resolution under consideration.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from North Carolina?
  There was no objection.
  Ms. FOXX. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, House Resolution 912, offered by the distinguished 
gentlewoman from Illinois (Mrs. Biggert), would support the goals and 
ideals of Life Insurance Awareness Month.
  There is a growing crisis facing America today due to individuals not 
having enough life insurance coverage to provide for their loved ones 
in the event of their premature death. Statistics show more than 60 
million Americans are estimated to lack sufficient

[[Page H6250]]

coverage. When the worst happens, and financial preparations are 
deficient, the consequences can be dire. Those left behind are often 
forced to work additional jobs or longer hours, borrow money from 
friends and family, spend retirement or college savings, and move to 
less expensive housing. These situations can be prevented.
  A life insurance policy guarantees that a designated amount of money 
will be available, generally income-tax free, at the very time it is 
needed most. This resolution would encourage consumers to take stock of 
their life insurance needs. The industry-wide effort is supported by 
many of the Nation's leading life insurance companies.
  Together, industry organizations will stage several community 
activities in September in the hopes that more people will begin to 
consider their life insurance needs. I urge all Members to come 
together to support the critical need for the advancement of life 
insurance education by adopting H. Res. 912.
  Mr. Speaker, I reserve the balance of my time.
  Mr. DAVIS of Illinois. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, I rise in support of H. Res. 912, which expresses the 
sense of Congress regarding the importance of life insurance. Life 
insurance provides financial security for families in the event of a 
premature death by helping surviving family members meet immediate 
needs and long-term financial obligations.
  Almost 70 million Americans say they lack the life insurance coverage 
needed to ensure a secure financial future for their loved ones, yet 
the need for 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, forcing 
family members to take on extra jobs, work longer hours, borrow money, 
and spend less time with their families. This takes place at a time 
when spending time with loved ones is important to heal and to recover 
from the tragedy of losing a family member.
  By designating a month each year as Life Insurance Awareness Month, 
we are establishing just how important it is for families to learn and 
educate themselves about life insurance. As a society, we must take 
steps to make sure our children are safe and provided for. By 
supporting a Life Insurance Awareness Month, we are signaling to the 
American people that this is an important issue that they should 
consider in their financial planning.
  Mr. Speaker, I reserve the balance of my time.
  Ms. FOXX. Mr. Speaker, I yield such time as she may consume to my 
distinguished colleague from the State of Illinois (Mrs. Biggert).
  Mrs. BIGGERT. Mr. Speaker, I thank the gentlewoman for yielding me 
the time.
  Mr. Speaker, I rise today to urge my colleagues to support House 
Resolution 912, which supports the goals and ideals of designating 
September as National Life Insurance Awareness Month. I want to thank 
my friend and colleague, the gentleman from Pennsylvania (Mr. 
Kanjorski), for introducing this resolution with me for the third year 
in a row and for his support on this important issue. Mr. Kanjorski 
serves with me on both the Financial Services Committee and the 
Financial and Economic Literacy Caucus and has been an outstanding 
leader on the important issue of financial security.
  I also want to thank the gentleman from Virginia, Chairman Tom Davis, 
for expeditiously moving this resolution through the Committee on 
Government Reform.
  And last, I acknowledge and thank Senator Ben Nelson of Nebraska and 
Senator Saxby Chambliss for their contributions to this effort. They 
worked with us on this side of the Capitol to craft identical 
resolutions that garner both bipartisan and bicameral support. It is my 
hope that the Senate soon will pass its version of the resolution.
  Mr. Speaker, life insurance too often is thought of only when it is 
too late. How many times have any of us heard friends or loved ones 
sadly reflect that the deceased had no life insurance or had too little 
life insurance. Today, only four in 10 Americans own an individual life 
insurance policy; and among those who do have life insurance, the 
amount is often too small to safeguard the financial future of their 
loved ones.
  Because of insufficient coverage, family members often have had to 
work extra jobs or longer hours, borrow money, or move to less 
desirable housing. In short, these outcomes are only symptoms of the 
crisis of underinsurance that exists in our Nation today.
  Mr. Speaker, House Resolution 912 calls on the Nation to observe the 
month of September as Life Insurance Awareness Month. The Life and 
Health Insurance Foundation for Education, the National Association of 
Insurance and Financial Advisers, the American Council of Life 
Insurers, and a coalition representing hundreds of leading life 
insurance providers and advocates have designated September 2006 as 
Life Insurance Awareness Month. Our collective goal for the month is to 
make consumers more aware of their life insurance needs, seek 
professional advice, and take the actions necessary to achieve 
financial security for their families.
  Many of my colleagues on both the Financial Services and the 
Education and Workforce Committees have been working very hard to 
increase the level of financial literacy and economic education in this 
Nation. Understanding how financial products work and how they can work 
to build financial security are two important ingredients in a complete 
financial education.
  This September I will join my colleagues and many others in helping 
to further educate Americans about the importance of life insurance to 
a sound financial plan. Losing a family member is painful enough 
without it being compounded by financial difficulties. It is my hope 
that recognizing Life Insurance Awareness Month will motivate Americans 
to seek out information about the benefits of life insurance so that if 
the premature death of a loved one does occur, they will be spared the 
economic hardships that often accompany tragedy.

                              {time}  1445

  Mr. Speaker, I ask my colleagues to join me and support the goals and 
ideals of designating September as National Life Insurance Awareness 
Month.
  Mr. DAVIS of Illinois. Mr. Speaker, it is my pleasure to yield such 
time as he may consume to the gentleman from Pennsylvania (Mr. 
Kanjorski).
  Mr. KANJORSKI. Mr. Speaker, I rise in strong support of the 
resolution I helped to introduce with my distinguished colleague from 
Illinois, Mrs. Biggert, House Resolution 912. This resolution would 
designate September as National Life Insurance Awareness Month.
  Life insurance is a financial planning tool that all families should 
explore, but particularly at this time when we in this country are so 
interested in providing personal and family security. Life insurance is 
an element of that security which all families should consider and 
which is helpful in helping those families plan for their future needs.
  To provide security in the event of an untimely death for a family is 
one of the most important aspects of financial life. Too often, we wait 
too long or ignore the advantage that this financial tool has and the 
use it should be put to, to provide the support for those left behind 
in an untimely death.
  By designating September as National Life Insurance Awareness Month, 
we will hopefully highlight the importance of this financial instrument 
for the nearly 50 million Americans who presently lack the life 
insurance coverage needed to meet long-term financial needs of their 
families.
  In closing, I urge my colleagues to support this important resolution 
to promote financial literacy.
  Mr. DAVIS of Illinois. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, I guess given the fact that today is my birthday, I 
recognize how important life insurance is because I have just gotten a 
bit older. So I am pleased to support this resolution.
  Ms. JACKSON-LEE of Texas. Mr. Speaker, I rise today to support this 
resolution, which recognizes the goals and ideals of National Life 
Insurance Awareness Month.
  Life insurance is an essential' part of a sound financial plan. Life 
insurance provides financial security for families by helping surviving 
members meet immediate and long-term financial obligations and 
objectives in the event of a premature death in the family.

[[Page H6251]]

  Around 68 million United Sates citizens lack the adequate level of 
life insurance coverage needed to ensure a secure financial future for 
their loved ones, most aware of neither the options nor the 
consequences.
  Life insurance packages can help families protect themselves from 
additional burdens after the death of a family member by enabling 
individuals and families to manage the financial risks of premature 
death, disability, and long-term care.
  It is not, however, sufficient to simply encourage consumers to buy 
life insurance. There is an implicit responsibility in the business of 
insurance to conduct benefits with honesty, integrity, and decency. I 
have been shocked and appalled over the last year to see that those who 
so desperately needed assistance in the gulf region were denied 
coverage on specious reasoning.
  Many of my constituents, both newly arrived and long-term residents, 
continue to try to rebuild their lives after last year's hurricanes. 
Many insurance policies distinguish between rain, wind, and flood 
damage. Government-issued policies do insure against flood damage, but 
most homeowners don't have them. In the Katrina-hit region, only about 
one-third of homes and one-fourth of businesses carried this Federal 
policy.
  Just 2 weeks ago, a judge issued the verdict on the first of many 
pending lawsuits by homeowners trying to recover the costs of their 
lost homes. In Leonard v National Mutual Insurance Co., the homeowners, 
Paul and Julie Leonard, stated that their agent implied that they did 
not need flood insurance if they purchased wind and rain coverage. They 
thought storm surges and other water damage were covered if caused by a 
hurricane's wind.
  Aside from the fact that it is unkind to exclude flood insurance in 
an area prone to flooding, yet it is immoral, and should be illegal to 
dissuade homeowners away from flood insurance by erroneously describing 
policy. Flooding exclusion language may make a few rich business people 
happy, but it irreversibly harms our neighbors and constituents.
  Katrina cost insurers about $41 billion in claims, the largest event 
in the history of the industry, with homes accounting for nearly half 
of the total. More than 100,000 homes were damaged or destroyed by 
Katrina in what has been called the worst natural disaster in U.S. 
history.
  The predicament of the Leonard family is not unusual, and a major 
public policy problem. Life insurance, and other insurance policies, 
must dutifully act as the crutch they are needed to be in times of 
crisis. Insurance companies should be ashamed of any activity that 
results in misleading, tricking, or deceiving its customers out of 
needed benefits.
  Mr. DAVIS of Illinois. Mr. Speaker, I yield back the balance of my 
time.
  Ms. FOXX. Mr. Speaker, I urge all Members to support the adoption of 
H. Res. 912, and I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from North Carolina (Ms. Foxx) that the House suspend the 
rules and agree to the resolution, H. Res. 912.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds of 
those present have voted in the affirmative.
  Ms. FOXX. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the 
Chair's prior announcement, further proceedings on this question will 
be postponed.

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