Op-Ed: Strength, grit, and heart of Western North Carolina
In my decades of public service—from the sheriff’s office in Rutherford County to the UNC Board of Governors—I’ve seen the strength, grit, and heart of Western North Carolina. We’re resilient people. But resilience doesn’t happen in a vacuum. It takes planning, protection, and the right long-term partners.
That’s why, in the wake of Hurricane Helene and the damage it left across our region, I want to call attention to one of the unsung heroes of American economic security and local recovery: the life insurance industry.
When people think of life insurance, they often think only of death benefits. But the truth is, the life insurance industry is one of the largest and most stable sources of long-term investment in this country—and one of the biggest reasons our towns and counties can rebuild after a crisis like Helene.
Life insurers invest more than $8 trillion in the U.S. economy, and nearly 70% of that capital goes into long-term, stable bonds that support essential local infrastructure. In North Carolina, they are doing far more than providing death benefits—they are quietly and consistently funding the systems our communities rely on to function and recover.
At UNC-Chapel Hill, life insurers hold over $207 million in outstanding bonds—more than 16% of the university’s total bond obligations. That’s not just a number. That’s upgraded classrooms, advanced research facilities, and reliable housing for students from all 100 counties.
Through the North Carolina Housing Finance Agency, life insurers have invested over $115 million in affordable housing. And that impact is felt deeply back home—Rutherford County alone has received more than $102 million from this agency to support housing construction and affordability for families who need it most.
Even our power grid depends on them. The North Carolina Municipal Power Agency Number 1 (NCMPA1), which provides electricity to nearly 20 towns including Bostic, Shelby, Morganton, and Statesville, is over 10% financed by life insurance investments. In Bostic—a small town of just 200 customers—this funding helped keep power flowing and emergency support available when Helene knocked so much offline. And in larger towns like Forest City, which rely on ElectriCities for coordination and disaster response, that same network ensures backup and resiliency when it counts most.
These are not abstract investments. They are the difference between lights on or off, between safe shelter and emergency displacement, between a resilient university system and one that falls behind.
Yet despite this vital role, the life insurance industry is often left out of discussions about disaster recovery and economic policy. That’s a mistake. Because what they provide is not just financial—it’s foundational. Their investments stabilize our bond markets, enable infrastructure development, and ensure continuity when the unexpected strikes.
More than 11,000 Americans turn 65 every day, and life insurers are the ones guaranteeing retirement incomes, keeping families out of poverty, and easing the burden on Social Security. They also support small businesses—almost a quarter of owners rely on whole life insurance to keep their operations running and plan for succession.
In moments of crisis, we see clearly who our essential partners really are. And right now, as North Carolina rebuilds, life insurers are on that list. They don’t make headlines. They don’t ask for thanks. But they deserve our protection and our recognition.
This isn’t about politics. It’s about practicality. If we want to recover from Helene—and be ready for whatever comes next—we need to safeguard the institutions that keep our local economies running, our towns connected, and our people protected.
Let’s make sure the life insurance industry can keep doing what it does best: investing in our future, quietly and powerfully.
C. Philip Byers, former Sheriff of Rutherford County
