[Congressional Record (Bound Edition), Volume 150 (2004), Part 14]
[House]
[Pages 19721-19722]
[From the U.S. Government Publishing Office, www.gpo.gov]




   EXPRESSING THE SENSE OF CONGRESS REGARDING THE IMPORTANCE OF LIFE 
   INSURANCE, AND RECOGNIZING AND SUPPORTING NATIONAL LIFE INSURANCE 
                            AWARENESS MONTH

  Mr. MICA. Mr. Speaker, I move to suspend the rules and agree to the 
concurrent resolution (H. Con. Res. 461) expressing the sense of 
Congress regarding the importance of life insurance, and recognizing 
and supporting National Life Insurance Awareness Month.
  The Clerk read as follows:

                            H. Con. Res. 461

       Whereas life insurance is an essential part of a sound 
     financial plan;
       Whereas life insurance provides financial security for 
     families in the event of a premature death by helping 
     surviving family members to meet immediate and longer-term 
     financial obligations and objectives;
       Whereas nearly 50,000,000 Americans say they lack the life 
     insurance coverage needed to ensure a secure financial future 
     for their loved ones;
       Whereas recent studies have found that when a premature 
     death occurs, insufficient life insurance coverage on the 
     part of the insured results in three-fourths of surviving 
     family members' having to take measures such as work 
     additional jobs or longer hours, borrow money, withdraw money 
     from savings and investment accounts, and, in too many cases, 
     move to smaller, less expensive housing;
       Whereas individuals, families and businesses can benefit 
     greatly from professional insurance and financial planning 
     advice, including the assessment of their life insurance 
     needs; and
       Whereas the Life and Health Insurance Foundation for 
     Education (LIFE), the National Association of Insurance and 
     Financial Advisors (NAIFA) and a coalition representing 
     hundreds of leading life insurance companies and 
     organizations have designated September 2004 as ``Life 
     Insurance Awareness Month'' the goal of which goal is to make 
     consumers more aware of their life insurance needs, seek 
     professional advice, and take the actions necessary to 
     achieve the financial security of their loved ones: Now, 
     therefore, be it
       Resolved by the House of Representatives (the Senate 
     concurring), That the Congress--
       (1) recognizes and supports the goals and ideals of ``Life 
     Insurance Awareness Month''; and
       (2) requests the President to issue a proclamation calling 
     on the Federal Government, States, localities, schools, 
     nonprofit organizations, businesses, other entities, and the 
     people of the United States to observe ``Life Insurance 
     Awareness Month'' with appropriate programs and activities.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Florida (Mr. Mica) and the gentleman from Illinois (Mr. Davis) each 
will control 20 minutes.
  The Chair recognizes the gentleman from Florida (Mr. Mica).


                             General Leave

  Mr. MICA. Mr. Speaker, I ask unanimous consent that all Members may 
have 5 legislative days within which to revise and extend their remarks 
and include extraneous material on the concurrent resolution under 
consideration.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Florida?
  There was no objection.
  Mr. MICA. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, House Concurrent Resolution 461 stresses the importance 
of life insurance. Frankly, I believe the resolution's message is an 
important one to convey.
  According to the text of the resolution, nearly 50 million Americans 
do not carry life insurance policies. The implication for these 
families and their loved ones is clear and worrisome. These individuals 
run the risk of losing their assets in the event of an unexpected 
death.
  Mr. Speaker, a death in the family is one of the most agonizing 
things a family or individual can endure. Forfeiting one's assets can 
compound the horrible grief or, worse, wreck the financial standing of 
the deceased person's immediate family. Life insurance brings security 
to millions of Americans and helps families meet many of their short- 
and long-term financial needs and goals. I urge all Americans to 
incorporate life insurance into their personal financial portfolios.
  I understand hundreds of leading life insurance companies and 
organizations have designated September 2004 as Life Insurance 
Awareness Month. On behalf of the House of Representatives and our 
committee, I am pleased to support the goals and ideals of this 
commemoration.
  Mr. Speaker, I thank the distinguished gentlewoman from Illinois 
(Mrs. Biggert), who is a leader in Congress in encouraging Americans to 
be prudent with their personal finances. Again, few things are more 
important for a person or family than effectively managing their 
financial resources. So I commend my colleague on her efforts to 
recognize, again, the importance of life insurance in our society.
  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. 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.

                              {time}  2030

  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.
  Mr. MICA. Mr. Speaker, I am pleased to yield as much time as she may 
consume to the distinguished gentlewoman from Illinois (Mrs. Biggert), 
a colleague of mine and author of this legislation and resolution.
  Mrs. BIGGERT. Mr. Speaker, I thank the gentleman for yielding me the 
time.
  Mr. Speaker, I rise today to urge my colleagues to support House 
Concurrent Resolution 461, which supports the goals and ideals of 
designating September as National Life Insurance Awareness Month.
  I want to thank my friend the gentleman from Pennsylvania (Mr. 
Kanjorski), the ranking member of the Committee on Financial Services, 
for introducing this resolution with me and for his support on this 
important issue. He could not be here this evening, and I would submit 
his testimony under general leave.
  I also want to thank the gentleman from Virginia (Chairman Tom Davis)

[[Page 19722]]

and the gentleman from Florida (Mr. Mica) for moving this resolution 
through the Committee on Government Reform expeditiously and, of 
course, my good friend on the committee the gentleman from Illinois 
(Mr. Davis).
  Mr. Speaker, life insurance is too often 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 4 in 10 adult 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 are often forced to 
take a second job, to work longer hours, borrow money, or sell the 
family home. In short, these outcomes are only the symptoms of the 
crisis of underinsurance that exists in our Nation today.
  Mr. Speaker, many of my colleagues on both the Committee on Financial 
Services and the Committee on Education and the Workforce 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.
  To call attention to the problem of the uninsured and the 
underinsured, the Life and Health Insurance Foundation for Education, 
the National Association of Insurance and Financial Advisers, and many 
other leading insurance companies and organizations designated 
September 2004 as Life Insurance Awareness Month. They have launched 
programs to reach out to Americans and educate them about life 
insurance, and my colleagues might have seen some of their ads on TV.
  The goal of this resolution is 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.
  I ask my colleagues to join me in supporting designating September 
2004 as Life Insurance Awareness Month.
  Mr. MICA. Mr. Speaker, I yield myself such time as I may consume.
  Again, I want to thank the gentlewoman from Illinois for her work and 
also the gentleman from Pennsylvania (Mr. Kanjorski) for his efforts in 
preparing House Concurrent Resolution 461. I urge my colleagues to 
support this resolution.
  Mr. KANJORSKI. Mr. Speaker, I rise today to offer my thoughts about 
House Concurrent Resolution 461, which I helped to introduce with the 
gentlelady from Illinois (Mrs. Biggert). House Concurrent Resolution 
461 would designate September as National Life Insurance Awareness 
Month.
  Life insurance is a financial planning tool that all families should 
explore. It can provide security in the event of an untimely death. In 
families where a premature death occurs, surviving family members are 
often required to work additional jobs or longer hours, borrow money, 
withdraw money from savings and investment accounts, and, in too many 
cases, move to smaller, less expensive housing.
  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 the long-term financial needs of 
their families.
  In closing, I urge my colleagues to support this important resolution 
to promote financial literacy.
  Mr. MICA. Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore (Mr. Chocola). The question is on the motion 
offered by the gentleman from Florida (Mr. Mica) that the House suspend 
the rules and agree to the concurrent resolution, H. Con. Res. 461.
  The question was taken; and (two-thirds having voted in favor 
thereof) the rules were suspended and the concurrent resolution was 
agreed to.
  A motion to reconsider was laid on the table.

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