Hybrid Long-Term Care Policies: Meeting Consumers’ Needs Today and in the Future

According to the U.S. Department of Health and Human Services, 7 out of 10 people turning age 65 will need some type of long-term care service. Unfortunately, most people underestimate the likelihood of this need, and its potential cost. With an average length of care of three years, and an average annual cost between $50,000 (home health aide) to over $100,000 (nursing home), even the best financial plan can go awry.  Life insurers provide vital protections that help individuals care for themselves and those they care about most. Traditional stand-alone long-term care insurance (LTCI) policies have historically been the “go-to” … Continue reading “Hybrid Long-Term Care Policies: Meeting Consumers’ Needs Today and in the Future”

It’s No Shock that Thomas Edison Had Life Insurance

[Life Insurance Spotlight: This series showcases famous people and their little-known connections to the life insurance industry] Every Feb. 11, there’s a birthday party in Thomas Edison’s honor at his winter home in Fort Myers, Fla. It’s no wonder that Edison’s birthday is still celebrated 173 years after he was born. After all, he was America’s greatest inventor with discoveries including the phonograph, the motion picture camera, and the light bulb. Ultimately, Edison held 1,093 U.S. patents, including one for electricity distribution. In addition to his scientific acumen, Edison clearly understood the importance of life insurance. He bought two policies … Continue reading “It’s No Shock that Thomas Edison Had Life Insurance”

Annuities: Guaranteed Lifetime Income and More

[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.] Americans are living longer and financial security through retirement is a big challenge for many. One proven way to face that challenge is by purchasing an annuity. The certainty this tool brings is welcome amid the financial pressures of daily life. An annuity is a contract between a consumer and a life insurer. The consumer pays a premium(s) to an insurer, which promises to pay the consumer income. Annuities are the only product in the private marketplace that can provide … Continue reading “Annuities: Guaranteed Lifetime Income and More”

Investments in Bonds Help Life Insurers Meet Commitments to Customers

[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.] The life insurance industry has $6.3 trillion invested in the U.S. economy, making it one of the largest sources of investment capital in the nation. To help wrap your head around that, $1 trillion is roughly enough to buy the Miami Marlins baseball team—1,000 times over. Life insurers’ significant investments in long-term corporate bonds support American businesses and the construction of new schools, roadways and transportation projects. They also sustain real estate growth and job creation. Life insurers … Continue reading “Investments in Bonds Help Life Insurers Meet Commitments to Customers”

A Big Win for Retirement Savers at the NAIC

Today marks a big step toward making sure that consumers nationwide receive strong, harmonized protections when they receive financial guidance. The National Association of Insurance Commissioners (NAIC)—made up of each state’s head insurance regulator—virtually unanimously adopted a model regulation that puts consumers’ interests first. The NAIC’s Suitability in Annuity Transactions Model Regulation makes sure that consumers receive better information, in plain English, to help them make informed decisions, while preserving access to valuable financial services. And it brings the regulation in closer alignment with the SEC’s Regulation Best Interest. Now, the American Council of Life Insurers and our allies will … Continue reading “A Big Win for Retirement Savers at the NAIC”

ACLI Capital Challenge: A Fierce Race With Many Winners, Especially Financial Literacy

Three months from tomorrow, the 2020 election will take a backseat to another political race – one that is more crowded, but also more collegial. Make no mistake – the competition at this race will be fierce. But this isn’t a typical Democrat vs. Republican contest. It’s a race against the clock. The American Council of Life Insurers (ACLI) is proud to host the ACLI Capital Challenge on Wednesday, May 13 at 8 a.m. in Washington D.C.’s Anacostia Park. This will be the 39th time that Washington’s leaders have laced up their sneakers for this three-mile road race. It is open to members … Continue reading “ACLI Capital Challenge: A Fierce Race With Many Winners, Especially Financial Literacy”

Consumer Access to Vital Financial Security Products Threatened by PRO Act

Ensuring your financial security can be daunting. From understanding investment options in your 401(k) to assessing the type and amount of life insurance needed to support your family – there are many choices to be made. Experienced professionals can help – including insurance producers, independent broker dealers (IBDs) and independent financial advisors (IFAs). Not only do these professionals have the expertise and knowledge to provide consumers with many choices, they understand how to assess a person’s financial situation holistically and provide products that best fit their needs. Yet, legislation that was just passed by the U.S. House of Representatives, H.R. 2474, … Continue reading “Consumer Access to Vital Financial Security Products Threatened by PRO Act”