Industry Organization Voices Opinion on Financial Crisis

11/17/2010

The insurance industry is abuzz as Congress discusses ways to reduce the country's debt load. The American Council of Life Insurers recently voiced its opinion on the matter.

The ACLI says it doesn't feel right to punish those who have planned in advance for their financial needs. In a statement, the organization said the following:

"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."

Furthermore, the organization went on to say it felt trying to fix one financial problem by creating another isn't the answer.

It's important for consumers to remember that life insurance can provide financial assistance in the event that a family's main wage-earner passes away. Funds from a policy can be extremely helpful with paying down mortgages and other large debts in addition to helping pay for future expenses such as a child's college education.

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