The current tax treatment of life insurance and annuities has encouraged generations of Americans to protect their financial futures. In fact, 75 million American families—that’s 2 out of 3 families—count on life insurers’ products for financial and retirement security. Yet recent commissions and groups looking at reducing the national deficit, including the Bipartisan Policy Center’s Debt Reduction Task Force and President Obama’s National Commission on Fiscal Responsibility and Reform, have suggested changes to the tax treatment of life insurance and annuities.
ACLI has partnered with the Association of Advanced Life Underwriting, National Association of Insurance and Financial Advisors, National Association of Independent Life Brokerage Agencies, and GAMA International to form a coalition to educate policy-makers about the critical role life insurers’ products play in the lives of American families, businesses, and communities. Visit www.securefamily.org, like us on Facebook, and learn about how life insurers’ positively impact your community.
Policy-makers must carefully consider the negative effect on families if changes to public policy make it harder and more expensive to obtain financial and retirement security. Americans already have to work longer and harder to address unprecedented personal financial challenges. Now is not the time to make it more expensive for families and businesses to take the necessary steps to plan for the long-term.