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"

Elitist Proposal Denies Choices to Bay State Retirement Savers

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"

Retirement Savers Win Thanks to SECURE Act Becoming Law

Earlier today President Trump signed the 2020 spending package, which wisely included the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This is a huge win for millions of retirement savers, groups like Gold Star families, and bipartisanship. With the SECURE Act now the law of the land, our nation has taken a major stride forward in modernizing the way new generations of Americans prepare for retirement. The American Council of Life Insurers (ACLI) applauds the president for signing the SECURE Act into law as part of the spending package. And we commend the bill’s bipartisan champions in Congress, including Ways and Means Committee Chairman … Continue reading "Retirement Savers Win Thanks to SECURE Act Becoming Law"

Buyers’ Remorse for Student Loans?

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?"

Retirement Savers’ Holidays Looking SECURE

Amid the hustle and bustle of the holiday season, it’s important to hit pause every now and then and reflect on the many things we are thankful for. That said, it never hurts to make a list of what we wish for! Not surprisingly, many retirement savers’ “thankful lists” and “wish lists” intersect this year around the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act is the most sweeping retirement security legislation in more than a decade. It would mark a significant step toward modernizing America’s retirement system for workers. The U.S. House of Representatives yesterday … Continue reading "Retirement Savers’ Holidays Looking SECURE"

USMCA Benefits North American Insurance Consumers

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"

Win the Game for Everyday Americans, Pass the SECURE Act

Last Sunday, college football fans nationwide learned which bowl game their team would play in. After weeks of speculation, they gained the certainty they need to plan. Iowa Hawkeye fans like me learned they can book flights to San Diego. They’ll be playing in the Holiday Bowl on December 27. Penn State boosters like my daughter learned they’ll play in the Cotton Bowl on December 28 in Dallas. And University of Texas supporters learned the Longhorns will play in the Alamo Bowl on December 31 in San Antonio. Now it’s time to get certainty from Capitol Hill. Everyday Americans stand … Continue reading "Win the Game for Everyday Americans, Pass the SECURE Act"