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"
[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?"
Last month President Trump signed a spending bill that included the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act will provide a huge boost for America’s retirement savers. Among other benefits, the bill will enable more small businesses to offer retirement plans, allow older workers to contribute more to their retirement accounts, and make it easier for retirement plans to include options for lifetime income. My colleagues at the American Council of Life Insurers (ACLI) and our member companies are very familiar with this legislation. We advocated for these provisions for years. Most Americans are unaware … Continue reading "ACLI Supports Junior Achievement, Financial Literacy"
[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.] Congratulations to women’s soccer superstar Alex Morgan. She and her husband announced in October they are expecting a daughter. Like most soon-to-be parents, it probably won’t be long before Alex thinks about life and disability income insurance. She has enormous income potential. She will want to make sure that in the event something unexpected occurs preventing her from earning money, her family will have the financial resources it needs long into the future. Alex and other soon-to-be moms … Continue reading "Soccer Superstar Alex Morgan May Be in the Market for Life Insurance"
Massachusetts is about to impose an elitist, fiduciary-only standard for those seeking financial services. Sadly, as the industry that helps small- and moderate-savers to plan their financial futures, we know this would hurt the very people it claims to protect. I offered testimony at a related hearing today, as did Paul Quaranto of Boston Mutual Life Insurance Company. Every day, 252 Massachusetts residents reach age 65. Many are concerned about how they’ll finance their way through retirement. They’re seeking answers while the Commonwealth Secretary’s fiduciary proposal would curb their access to life insurance and annuities. It doesn’t add up. People … Continue reading "Elitist Proposal Denies Choices to Bay State Retirement Savers"
The media routinely report that student loans are a major burden on families and young people. Several presidential candidates have even turned education-related debt into a campaign issue, pushing for across-the-board debt forgiveness. Is education-related debt really that much of a challenge? How exactly does it impact borrowers? Consider some facts: 44.7 million Americans have student loans; 3-in-5 are age 30 or older. 63% of Americans under age 30 who earned at least a bachelor’s degree have education-related debt. The average education-related debt balance is $36,299. 15.4% of all student loan borrowers are either delinquent or in default, though this … Continue reading "Buyers’ Remorse for Student Loans?"
Life insurers’ most critical mission is helping people take care of the things that matter most. We serve 90 million families in the U.S., helping them build a financial safety net that protects them through all stages of life. International markets have also demonstrated an appetite for our industry’s financial protection products. We serve families around the globe, including 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 over the past quarter century, … Continue reading "USMCA Benefits North American Insurance Consumers"