Supporting the goals and ideals of National Life Insurance Awareness Month.

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.

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. 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.

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. 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.

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.

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

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. Speaker, I yield such time as she may consume to my distinguished colleague from the State of Illinois (Mrs. Biggert).

Mr. Speaker, I urge all Members to support the adoption of H. Res. 912, and I yield back the balance of my time.

Mr. Speaker, on that I demand the yeas and nays.

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.

Mr. Speaker, it is my pleasure to yield such time as he may consume to the gentleman from Pennsylvania (Mr. Kanjorski).

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.

Mr. Speaker, I yield back the balance of my time.

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.