The leaders of several high-profile associations and organizations representing the U.S. life insurance community banded together to release a statement June 1 on behalf of the industry denouncing racial injustice in light of the protests stemming from the death of George Floyd.
The statement reads as follows:
The life insurance community grieves with the nation over the racial injustice, brutality and bigotry that took the life of George Floyd and the lives of so many others. Too often, the justice system has failed, bringing devastating consequences such as destroyed hope, fear and division.
Overcoming today’s agonizing rupture and advancing promise for all will require engagement by each of us – a resolve to face the pain, anxiety and frustration experienced by Black Americans and others subjected to prejudice.
We must move forward with moral purpose, making contributions with our own abilities and sustained commitment.
For our part – on behalf of life insurance companies, producers and financial educators – when we say we’re committed to providing financial security to all Americans, we mean it.
We stand committed to helping all people take care of those they love – our most critical mission. Financial wellbeing is not just a state of mind, and we must focus our collective knowledge on empowering prosperity and opening avenues for collective growth. We are committed to identifying new policies that will provide greater financial security to more people – particularly for the most vulnerable among us.
We stand committed to sustained partnership in the community to drive solutions to address systemic inequality. And we stand committed to fostering diversity and inclusion for our employees and the workforce.
Building a diverse and inclusive profession for those we serve and those we employ is a journey. And we’re in it for the long term.
The tumult, hurt and anger we see today must be addressed for every person seeking to heal, find peace, experience equality, achieve unity, believe in the present, and have faith in the future for themselves and their families. As Dr. King said, “The time is always right to do what is right.”
We do it together.
Signed,
- Susan Neely, President and CEO, American Council of Life Insurers
- George Nichols III, President and CEO, American College of Financial Services
- Marc Cadin, CEO, AALU/GAMA
- Kevin Mayeux, CEO, National Association of Insurance and Financial Advisors
- David Levenson, President and CEO, LIMRA, LOMA and LL Global
Words are a great beginning but actions must follow. Are rates going to be adjusted in the insurance industry so that address and city are no longer a factor? Should someone’s credit history be overlooked because of the availability of wage differences in an area?
I vaguely remember when home mortgages where opened up, I believe by fiat of law, and how those decisions led to the 2007 toxic mortgage crisis. I hope that actuarial context is added to insure proper risk assessments. Money has its own codes, and to force change without regard to proper study and reflection is to invite disaster.