Monday, March 2, 2015

Life Insurance Advocates Visit Capitol Hill, March 3-4


Washington, D.C. (March 2, 2015)
—From March 3-4, more than 100 life insurance industry advocates will visit Capitol Hill to discuss with members of Congress the vital role the industry plays in Americans’ lives. As life insurance agents and financial advisors who work in communities across the nation, the advocates will offer first-hand experiences to illustrate how life insurance and annuities help people meet their financial and retirement security goals.

In their meetings with lawmakers, the advocates will urge members of Congress to join the newly formed Financial Protection and Life Insurance Caucus. The bipartisan, bicameral caucus will serve as a means to educate lawmakers about the ongoing need for public policy that encourages Americans to save more, plan responsibly for their families, and protect their financial and retirement security.

The caucus will be co-chaired in the House of Representatives by Pat Tiberi (R-Ohio) and Richard Neal (D-Mass.). Senate co-chairs will be named later.

Life insurance companies and their representatives offer solutions to Americans’ financial and retirement needs. The benefits to the people they serve and the nation are clear:

  • 75 million American families rely on life insurance products for financial and retirement security.
  • Life insurers pay out $1.5 billion to families and businesses every day.
  • More than 1 out of every 6 dollars of Americans’ long-term savings is in permanent life insurance and retirement annuities.
  • The life insurance industry generates approximately 2.5 million jobs in the U.S. With $5.6 trillion—90 percent of the industry's total assets—invested in the U.S. economy, life insurers are one of the largest sources of investment capital in the nation.
  • Life insurers are the largest institutional source of bond financing for American business, holding 20 percent of all U.S. corporate bonds.

More information about the life insurance industry’s contributions to our nation is available at www.securefamily.org.

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI members represent more than 90 percent of the assets and premiums of the life insurance and annuity industry. In addition to life insurance and annuities, ACLI member companies offer pensions, 401(k) and other retirement plans, long-term care and disability income insurance, and reinsurance. ACLI's public website can be accessed at www.acli.com.

The Association for Advanced Life Underwriting (AALU) is the leading organization of successful life insurance professionals who are a trusted voice on the unique public policy issues involving the advanced life markets.  The AALU also offers professional development tools and learning opportunities to help members grow their practices. Founded in 1957, the AALU counts more than 2,200 insurance professionals as members. www.aalu.org.

GAMA International is a worldwide professional association serving 5,500 field leaders in the insurance and financial services industry. Its members recognize their critical role in finding, building and inspiring the next generation of top performers who will, in their turn, lead the industry into the future. To help build these leaders, the association provides its members with professional development resources and opportunities, including educational, networking and leadership. GAMA International’s website is located at www.gamaweb.com.

The Insured Retirement Institute (IRI) is the leading association for the retirement income industry. IRI proudly leads a national consumer coalition of more than 30 organizations, and is the only association that represents the entire supply chain of insured retirement strategies. IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement. Learn more at www.irionline.org.

The National Association for Fixed Annuities (NAFA) is a trade association exclusively dedicated to educating regulators, legislators, journalists and industry personnel about the value of fixed annuities and their benefits to consumers. NAFA's membership represents every aspect of the fixed annuity marketplace, covering 85 percent of fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998 and recently celebrated its 15th year of serving the fixed annuity industry. To learn more, visit www.NAFA.com.

The National Association of Independent Life Brokerage Agencies (NAILBA) is a nonprofit trade association with over 370 member agencies in the U.S. and Canada. NAILBA is the premiere insurance industry organization promoting financial security and consumer choice through the use of independent brokerage distribution. The purpose of NAILBA is to serve as the national association of life, health and annuity insurance distributors. www.nailba.org

Founded in 1890 as The National Association of Life Underwriters, the National Association of Insurance and Financial Advisors (NAIFA) is one of the nation’s oldest and largest associations representing the interests of insurance professionals from every Congressional district in the United States. NAIFA members assist consumers by focusing their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments. NAIFA’s mission is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members. www.naifa.org.


Date Posted: March 2, 2015
Document ID: NR15-012