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November 16, 2010 at 07:00 PM
WASHINGTON BUREAU — Insurance industry groups say reducing the tax incentives that now encourage Americans to buy life insurance would backfire.
The groups say in a letter addressed to all members of Congress that workers need life 
and annuity products to protect their finances, save for the long term, and guarantee that their retirement income will last until they die.
“We strongly support the goal of addressing the national deficit,” the groups say. “At the same time, we believe it is essential that public policy recognize that more than 75 million American families rely on life insurers’ products.”
The economic crisis has only increased American families’ need for help with bolstering their financial and retirement security, the groups say.
“We strongly believe that public policy must encourage families to take the responsible steps to protect themselves and build savings,” the groups say.
The groups that signed the letter are the Association for Advanced Life Underwriting, Reston, Va.; the American Council of Life Insurers, Washington; GAMA International, Falls Church, Va.; the National Association of Insurance and Financial Advisors, Falls Church; and the National Association of Independent Life Brokerage Agencies, Fairfax, Va.
