75 Million American Families Rely On Life Insurers' Products For Financial, Retirement Security, ACLI Says

WASHINGTON, Nov. 15 -- The American Council of Life Insurers issued the following news release:

"The life insurance industry strongly supports the goal of reducing the national debt. As changes are considered to the tax code as part of this effort, the vital role life insurers' products play in the lives of 75 million American families must be recognized.

"Life insurance and annuities guard against the financial risk of the death of a wage-earner and assure adequate lifetime income after retirement. At a time of lingering economic uncertainty and slow growth, it is especially important to encourage, not discourage, the use of safe and secure financial products like those offered by life insurers. Given the financial stress facing Social Security, workers should be encouraged to explore private retirement income options, whether individually or through the workplace.

Generations of policymakers from both parties have long recognized the important public policy served by encouraging Americans to protect their families against the financial risks of premature death, longevity, disability and long-term illness, rather than depending solely on government programs.

"Moreover, changing the rules now, whether for individuals or at the workplace, would be especially unfair to Americans who took thoughtful and reasonable steps to protect their families. Years of personal sacrifice and careful financial planning could be undermined by such an abrupt change.

"The huge national debt is a crisis that must be addressed. But any suggestion to address the debt crisis by creating a new crisis that damages the financial protection and retirement plans of millions of Americans would be misguided."

Click here for a letter on the issue to Congress from ACLI, the Association for Advanced Life Underwriting (AALU), GAMA International, the National Association of Independent Life Brokerage Agencies (NAILBA) and the National Association of Insurance and Financial Advisors (NAIFA).

http://insurancenewsnet.com/article.aspx?id=236346

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I never realised the figure would be so high, no doubt it looks and seems bigger from living in a country with a population of 61 million. 75 million out of what, 300-330 million? That’s not much, a good chunk, but how is the rest of the population covered?