The life insurance industry was a force majeure yesterday. NAIFA President Rob Smith, along with NAIFA member and AALU Vice President Anthony Domino, added color to the Secure Family presentation to the Ways & Means Financial Services Working Group on April 25.
Congressmen Adrian Smith (R-NE), John Larson (D-CT), Richie Neal (D-MA) and Aaron Schock (R-IL) and members of their staffs were in attendance. The presentation covered the mechanics of life insurance products, the significant public policy benefits and economic impact of the industry, as well as the appropriateness of current taxation.
Smith shared how life insurance preserved a family farm, which has a number of employees and families dependent on it, after a snowmobile accident killed one of the owners. This personal story really resonated with those in the room, clarifying that the issue goes beyond numbers and is really about the financial well-being of families.
The Secure Family coalition previously met with the Ways & Mean Pension and Retirement Working Group on March 14 and submitted formal comments on April 15.