America’s life insurers help 90 million American families make certain they can care for themselves and their loved ones in good times and bad. Our policyholders work hard to support their families, and they count on us to plan for tomorrow, so they can live confidently today.
That’s why life insurers support the actions by Representative Brian Fitzpatrick (R-PA) and the entire Ways and Means Committee for examining the possible impact on America’s economy if key provisions from the 2017 Tax Cuts and Jobs Act expire at the end of 2025. Rep. Fitzpatrick is leading the Working Families team, one of 10 set up by Committee Chairman Jason Smith (R-MO) and Tax Subcommittee Chairman Mike Kelly (R-PA) that are investigating how changes to the tax code would affect American families and businesses.
More than 4 million Americans will be turning 65 each of the next four years. Many are already planning ahead for retirement, looking at ways to protect their family’s financial security including by securing guaranteed income to supplement their Social Security.
With more people reaching traditional retirement age than ever before, employers will be looking for ways to attract and retain talent. In today’s competitive job market, many employers find that robust benefit packages protecting working families, including life insurance, retirement plans, paid leave, disability insurance and supplemental benefits, improve their ability to recruit qualified employees.
It is critical that any changes made to the tax code don’t make it harder for American families to access affordable financial protection options, either those offered through their employer or from a financial professional.
The promises that life insurers make to their customers are backed up by the long-term investments make in American communities. Life insurers take the premiums they receive from policyholders and make prudent investments that support local economies in all 50 states.
For example, life insurers have invested $244 billion in Pennsylvania, including $18 billion in mortgage loans supporting industrial, office and retail buildings as well as multi-family apartments and single-family residences. It also includes more than $2 billion in bonds for education, including $12.2 million in Rep. Fitzpatrick’s First District.
ACLI and NAIFA greatly appreciate the actions by Rep. Fitzpatrick and the Ways and Means Committee to seek information from stakeholders. As Congress considers updating the tax code, the life insurance industry is ready to work with policymakers to ensure that any changes support Americans’ ability to protect their family’s financial future.
NAIFA Trustee Carina Hatfield is the owner of Weigner Insurance & Financial Services, Inc. in Pottstown, Pennsylvania.
