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Life insurance changes part of budget proposal

Some against government plans to raise funds

To help pay for his proposed healthcare overhaul, President Obama’s budget is now calling for new taxes on others – including some with life insurance products.

According to a report in the Los Angeles Times, money raised by the government to cover tax cuts for some families and small businesses and at the same time help revamp the nation’s healthcare system will have an unwanted affect on life insurance firms, large estates and securities dealers.

Nearly $13 billion is set to be garnered by modifying rules for some life insurance company products and contracts, leaving many insurance companies unsettled.

“Seventy-five million American families rely on the products offered by life insurers for their financial and retirement security,” said Frank Keating, president of the American Council of Life Insurers, in the article.

“This is absolutely the wrong time to make it more expensive for families, as well as U.S. businesses, to obtain the security and peace of mind our products provide,” he added.

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Posted: May 12, 2009

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