For nearly two centuries, America’s life insurance companies have been on the front lines helping families protect their financial future.
As we celebrate the holiday season and look ahead to an exciting new year, let’s reflect on how life insurers provide financial certainty by reviewing some of the top ACLI IMPACT stories from 2024.
January: Supplemental benefit coverage fills an important piece of the insurance puzzle for protecting household budgets.
February: Life insurers support bipartisan efforts on Capitol Hill to expand paid family and medical leave benefits for more American families.
March: Life insurance consumers have been safeguarded for generations by the state-based regulatory system and its strong consumer protections.
April: The SECURE and SECURE 2.0 bills enhanced retirement savings opportunities for millions of Americans, and another legislative proposal could give more than 31 million additional American workers access to workplace retirement plans.
May: Instead of trying to administer uncertain pension risks, many companies have sensibly transferred their pension plan obligations to life insurers. Retirees can rest assured that their hard-earned pensions are being safeguarded by the most experienced managers of longevity risk.
June: A panel at the Insurance Europe International Conference discussed ways the insurance industry can better engage with young people.
July: ACLI’s new guaranteed lifetime income proposals aim to further embed annuities in the defined contribution plan ecosystem.
August: It is essential that any changes to the tax code don’t make it harder for rural Americans to access affordable financial protection options for their families.
September: The life insurance industry is committed to working with policymakers to ensure that any tax code changes support American businesses and families.
October: During Hispanic Heritage Month, the life insurance industry highlighted its commitment to increasing access to affordable financial protection.
November: The life insurance industry celebrated Nevada becoming the 48th state to adopt the ‘best interest of consumer enhancements’ in the NAIC’s Suitability in Annuity Transactions Model Regulation, which will ensure savers can still access annuities, unlike the Department of Labor’s ill-advised fiduciary-only regulation.
December: Congress must not initiate any tax increases on life insurers and their customers that could limit access to affordable financial protection.
David Nielsen is Senior Director, Strategic Content/IMPACT at the American Council of Life Insurers (ACLI). His responsibilities include IMPACT and other ACLI publications, notably News Now & News Now International. A former bank examiner, business analyst and journalist, he joined ACLI in 2013.
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