Impact, with a Capital ‘I’

Socially responsible investing is a hot topic among sophisticated investors. An investment team led by life insurers – IMPACT Community Capital (IMPACT) – is tackling one of the toughest social challenges in our country: the shortage of affordable housing for low-income workers and families. IMPACT was founded in 1998 by leading insurance companies for the sole purpose of sourcing and managing purpose-driven investments. IMPACT’s current owners and investors include Nuveen (a TIAA company), Farmers Insurance, Nationwide, Allstate, and Pacific Life. These insurers believe that access to affordable housing connects workers to opportunities and families to schools, childcare and healthcare. Like … Continue reading “Impact, with a Capital ‘I’”

ACLI Supports Junior Achievement, Financial Literacy

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”

Soccer Superstar Alex Morgan May Be in the Market for Life Insurance

[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”

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”