China Trade Deal Supports Innovation and Growth

Life insurers’ most critical mission is helping people take care of the things that matter most, whether they are in North America, Africa, Europe, Latin America or Asia. We do this by providing risk protection and financial security products that empower individuals to protect themselves and their families. Numerous American Council of Life Insurers (ACLI) member company CEOs were invited to the White House signing ceremony last week for the phase one trade deal the Trump Administration successfully concluded with China. The agreement advances U.S. financial services sector objectives. Most importantly to ACLI, it removes the 50% equity cap on foreign investment in … Continue reading “China Trade Deal Supports Innovation and Growth”

Massachusetts Small Business Owner Opposes Fiduciary-Only Proposal

At a recent hearing in Boston, a long line of local citizens voiced opposition to the Massachusetts Commonwealth Secretary’s proposed elitist fiduciary-only standard for financial advice. This week in the Boston Globe, local business owner Joan Jaeger Gustaff outlined why she opposes the rule, which could become effective within weeks. The people of Massachusetts would be best served if the Secretary of the Commonwealth listens to local voices like Joan’s and reconsiders his fiduciary-only proposal. Here’s what she had to say: This letter to the editor originally ran in the Boston Globe. It’s not just Wall St. that’s wary of Galvin’s proposed rule on brokers … Continue reading “Massachusetts Small Business Owner Opposes Fiduciary-Only Proposal”

Consumers’ Own Interest at Stake with Genetic Privacy Bill

This op-ed originally appeared in the South Florida Sun Sentinel. Much more is at stake than advertised in a bill — HB 1189/SB 1564 — titled, “Genetic Information for Insurance Purposes,” sponsored by Florida House Speaker-designate Chris Sprowls and state Senator Kelli Stargel. It is not just about people being able to keep private genetic information gained from an entertaining Ancestry.com or 23andMe at-home genetic testing kit. If that was the only issue at stake, we’d support the measure. It’s about denying the consideration of any and all genetic information in the life insurance policy application process, not just information generated by an at-home test. If … Continue reading “Consumers’ Own Interest at Stake with Genetic Privacy Bill”

Putting $400 in Every Savings Account

(This article originally appeared on LinkedIn.) Asking people to create an emergency savings fund is like asking them to exercise or lose weight. It’s about motivating short-term pain for long-term gain. It’s really hard to do. So much so that a Federal Reserve Board survey revealed that 46 percent of Americans would have trouble coming up with $400 in an emergency. Living paycheck to paycheck is now a commonplace experience. That’s why the Consumer Financial Protection Bureau recently convened private and public sector experts to take on the savings challenge and the question of how to support consumers in saving. … Continue reading “Putting $400 in Every Savings Account”

Let Floridians Use Their Own Personal Information

Legislation introduced in Florida this week would block consumers from using their own personal information to get a lower rate for life insurance. To make matters worse, it would also cut some of the state’s neediest residents off from protecting themselves and their loved ones with life insurance by making it too expensive. The bill would ban consumers from sharing any information in their medical record with a life insurer—even critical information documenting their health—if it is derived from a genetic test. Life insurance depends on medical records, and the system that works for all consumers depends on honesty in … Continue reading “Let Floridians Use Their Own Personal Information”

Senate Passage of USMCA a Win for Insurance Consumers

Today’s U.S. Senate passage of the United States-Mexico-Canada Agreement (USMCA) sets the table for President Trump to sign the bill into law. Insurance consumers in the three countries stand to benefit as a result.  No other industry is there for people through every stage of life like the life insurance industry. Life insurers serve 90 million families in the United States, and millions more in Mexico and Canada. The North American Free Trade Agreement (NAFTA), which went into effect on January 1, 1994, enabled U.S. insurers to become market leaders in those countries. Still, as markets and technology evolved rapidly, … Continue reading “Senate Passage of USMCA a Win for Insurance Consumers”

Lennon & McCartney. Peanut Butter & Jelly. Life & Health Insurance?

[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.]  Great pairs provide great things like: great music (Lennon & McCartney); great lunches (peanut butter & jelly); financial protection (life & health insurance).  Each component of these famous combos is distinctive.  John & Paul’s differences have been well chronicled. Peanut butter and jelly’s differences are clear. But life and health insurance are sometimes confused.  The graphic below highlights key differences from the perspective of a whole life policy and a comprehensive health insurance plan, perhaps one offered by … Continue reading “Lennon & McCartney. Peanut Butter & Jelly. Life & Health Insurance?”