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NEW YORK, October 28, 2016 — Financial security and access to resources can make all the difference to domestic violence victims when deciding to leave an abusive relationship. And insurance is an important component of financial planning that can help survivors move forward, according to the Insurance Information Institute (I.I.I.).
“Financial abuse is a common tactic used by abusers to gain power and control in a relationship,” said Loretta Worters, a vice president with the I.I.I. “Victims are often isolated, exploited and prevented from developing the financial skills necessary to achieve independence. That’s why it is so important that survivors understand how insurance works and what a critical role it can play in gaining financial freedom and economic self-sufficiency.”
In support of Domestic Violence Awareness Month, the I.I.I. offers financial strategies to protect yourself before and after leaving an abusive relationship. They include: securing your financial records, knowing where you stand financially, building a financial safety net, making necessary changes to your insurance policies and maintaining good credit.
The National Coalition Against Domestic Violence (NCADV) notes that 85 percent of women who leave an abusive relationship return because of their economic dependence on their abusers. Furthermore, the degree of women’s economic dependence on an abuser is associated with the severity of the abuse they suffer.
“One of the most important factors that keeps victims of domestic violence from getting away is not being able to support themselves financially,” said Ruth Glenn, executive director, NCADV. “Other tactics abusers use that impact financial independence include ruining the credit of their victim and harassing and stalking them at work until they are fired from the job. The financial education provided by the Insurance Information Institute can be life-saving, and will make a real difference immediately for many, many people.”
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org