Why it’s Important to Start Saving Early

According to the Federal Reserve, only 42 percent of American households headed by someone younger than age 30 have any retirement savings. By some estimates only 5 percent of millennials are saving adequately. Retirement saving among younger workers often falls short because many lack access to workplace plans. Younger workers also face multiple financial demands that compete with retirement saving including student loans, car loans, building an emergency fund or saving for a house. By the time heads of households reach age 50 things look somewhat better. About two-thirds of households headed by a 50- to-54-year-old have some retirement savings, … Continue reading “Why it’s Important to Start Saving Early”

Life Insurers Provide Crucial Benefits for New Parents

The time before a baby’s birth can be thrilling and stressful for a new parent. Between doctor’s appointments, gender reveal parties, baby showers and nursery set up, there is so much to do before a baby is born. With so much already on their plate, the last thing that a family wants to worry about is if they will continue to receive a paycheck when the working mother gives birth. Fortunately, life insurers offer short-term disability insurance policies that provide crucial income protection. Approximately 25 percent of all short-term disability claims are related to pregnancy and maternity. This is the … Continue reading “Life Insurers Provide Crucial Benefits for New Parents”

U.S. Senate Needs to Pass SECURE Act

Have you ever worked forever on a jigsaw puzzle, only to discover you’re missing a key piece? If so, then you’ll understand the current frustration among retirement security proponents who have been working to help solve the nation’s retirement puzzle by passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The bill will help Americans prepare for a secure retirement while resolving a vexing tax problem harming our nation’s military families. The U.S. House of Representatives in May voted 417-3 to pass the SECURE Act, which used the Retirement Enhancement and Savings Act (RESA) as a bedrock. It built … Continue reading “U.S. Senate Needs to Pass SECURE Act”

Brookings Reports Contain Essential Lifetime Income Information For All Seasons

Did you catch the recent New York Times article featuring the summer’s best “beach reads?” Not surprisingly, there were no books about annuities on the list. That’s a shame, because Americans need to learn more about annuities, the only financial product in the marketplace that guarantees lifetime income. Fortunately, the Brookings Institution released three reports this summer about annuities: Can annuities become a bigger contributor to retirement security? Automatic enrollment in 401(k) annuities: Boosting retiree lifetime income Using behavioral insights to increase annuitization rates: The role of framing and anchoring The subject matter certainly isn’t typical beach reading material. But … Continue reading “Brookings Reports Contain Essential Lifetime Income Information For All Seasons”

Washington Examiner Editorial Distracts From How Life Insurers Meet Critical Consumer Needs

America’s life insurers serve 90 million American families, helping them build a financial safety net that protects them through all stages of life. Helping people take care of the things that matter most is our most critical mission. But you wouldn’t know that from the Washington Examiner’s editorial this week about The Business Roundtable’s (BRT) new mission statement. The BRT recently called on corporate leaders to consider all stakeholders including society at large when making decisions. Several members of the American Council of Life Insurers (ACLI) signed on to the BRT’s statement. In its editorial, the Examiner insinuated that our industry’s lobbying … Continue reading “Washington Examiner Editorial Distracts From How Life Insurers Meet Critical Consumer Needs”

Life Insurers Rely on Medical Records, Not At-Home Genetic Tests

Welcome, consumer-based genetic testers, to Washington, D.C. This town could use a briefing on exactly how you’re handling your customers’ personal information. Please include in your Talking Points a big bullet that says: America’s life insurers have no access to the results of direct-to-consumer genetic tests. And, please add that they don’t want it. Call them old fashioned or traditional, but in the underwriting process, life insurers rely on verified, doctor-ordered information found in an applicant’s medical record. This information will help dispel the myth that our respective industries are in cahoots.  Ethnicity tests, for example, provide life insurers no … Continue reading “Life Insurers Rely on Medical Records, Not At-Home Genetic Tests”

Life Insurers Help Families with Special Needs Confront Challenges Like ‘Autism Tsunami’

The growing incidence of Autism Spectrum Disorder (ASD) poses significant challenges to both families and policymakers. According to the U.S. Centers for Disease Control (CDC), 1 in every 59 children in the United States were identified as having ASD in 2014, up from 1 in 150 in 2002. A more recent study published in 2018 in the journal Pediatrics reports that the incidence has increased to 1 in 40, affecting a 1.5 million U.S. children (2.5%) and their families. The growing number of ASD children and teens will soon reach adulthood, sometimes referred to as the ‘Autism Tsunami.’  Every individual … Continue reading “Life Insurers Help Families with Special Needs Confront Challenges Like ‘Autism Tsunami’”