House Ways and Means Committee Chairman Jason Smith (R-MO) and Tax Subcommittee Chairman Mike Kelly (R-PA) have established 10 teams to examine how changes to the 2017 Tax Cuts and Jobs Act would affect America’s workers, families and businesses.
Representative Darin LaHood (R-IL) is leading the American Workforce team. American workers drive the world’s most dynamic economy, and America’s life insurers provide integral support for America’s robust workforce.
Life insurers work closely with employers to provide workers and their families with essential benefits, including life insurance and retirement plans.
Employers support paid leave for their employees by offering disability income insurance which replaces a portion of employee salaries for time off to recover from an illness, injury, or the birth of a child. Now more than ever, employers are recognizing the need to provide paid time off to care for loved ones.
In addition, life insurers provide employees with dental insurance and supplemental benefits that are used by families to pay for additional expenses arising from illness or injury that are not covered by major medical insurance. These benefits are often part of negotiated benefit packages, or they can be purchased by employees on the job.
All told, life insurance companies provide financial protection to 90 million American families in all 50 states. They also employ more than 2.8 million workers across the nation, including 140,000 in Illinois.
At the same time, life insurers take the premium payments they receive and make long-term investments across the nation, providing valuable investment capital for businesses and communities.
For example, life insurers have invested $262 billion in Illinois’ economy with industrial loans, education bonds, commercial, residential and agricultural mortgages, stocks, bonds and more.
That includes nearly $2.4 billion in bonds funding transportation projects and $1.4 billion in mortgage loans supporting agriculture.
Policymakers can rely on the life insurance industry’s stability and strength. We invest in communities. We support families in need. We ensure employers can provide for their workers.
ACLI and NAIFA support the vital work by Rep. LaHood and the Ways and Means Committee. As Congress looks ahead to possible changes to the tax code, the life insurance industry stands ready to work with policymakers to ensure that the financial future of American workers and their families is protected.
NAIFA Secretary Christopher Gandy is the founder of the Midwest Legacy Group in Lisle, Illinois.
