WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following comments today in response to President Biden’s proposed regulations on independent, noncoordinated excepted benefits coverage:

“Helping to address the financial anxieties and everyday needs of American families is a public policy priority and major commitment of the life insurance industry. Noncoordinated excepted benefits coverage, such as hospital or other fixed indemnity and specified disease insurance, supports household budgets when people face out-of-pocket expenses from illnesses or injuries that are not covered by traditional major medical insurance. These supplemental benefits are not a form of limited medical coverage and are therefore distinct from the other products, such as short-term limited duration insurance, discussed in the President’s proposal. Life insurers are committed to ensuring that consumers are informed on what these products cover prior to purchase.

“Supplemental benefits are highly valued by Americans who will demand that access to these products be maintained and supported. Life insurers look forward to working with regulators, policymakers, and the people who rely on this coverage to safeguard access to important coverage and financial protection for all Americans.”

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 94 percent of industry assets in the United States.