There’s More to Do
As 2023 begins, the life insurance industry welcomes the 118th U.S. Congress, as well as new Governors and state legislators across the nation. We look forward to partnering this year with leaders on bipartisan solutions that will help American families and businesses – just like what occurred in the final days of 2022 when Congress passed SECURE 2.0 legislation and President Biden signed it into law.
This important legislation addressed key gaps that had kept some people on the sidelines, unable to access workplace retirement plans. Military spouses, small business employees, student loan borrowers and part-time workers are among those who will benefit. An ACLI analysis of a revenue estimate of the legislation by the Joint Committee on Taxation showed that SECURE 2.0 will result in billions of dollars in increased savings by these groups and others.
ACLI led the efforts supporting the bill’s passage along with a broad coalition of businesses, community groups, and financial service associations.
As gratifying as it was to see SECURE 2.0 become the law of the land, we know more needs to be done. There are many challenges to meet and more we can do to help American families and our communities.
While no one can predict what the future will hold, life insurers can make sure everyone can prepare for it. We need to make certain that in 2023:
- People and businesses continue to have access to affordable financial protection products that help families keep their homes, pay for education after a parent is lost and provide valuable support for small business owners.
- Low- and middle-income savers retain access to and information about annuities, the only financial product in the marketplace that can provide guaranteed income for life, like a pension.
- More Americans are able to get employer-based paid leave, building on the private market that already provides nearly 62 million Americans with coverage.
- The availability of supplemental policies isn’t restricted, which would make it harder for many people to handle their medical expenses and avoid incurring large debts.
- Opportunities remain conducive for life insurers to continue to invest in America’s economy, as we did to the tune of $7.4 trillion in 2021. Our investments in underserved communities – including the life insurance industry’s 360 Community Capital initiative – will help close economic gaps and increase the promise of upward mobility for their residents.
Our industry is eager to work with lawmakers this year to help advance bipartisan public policies that will protect and expand access to financial security solutions for all Americans while supporting communities from coast-to-coast.
Let’s make it happen.