NAIFA-NYS today sent the following Letter to the Editor of USA Today, in response to a financial advice column – “Deck is stacked against Millennial savers: Here’s how to succeed” – that encouraged purchase of life insurance…
October 13, 2016
To the Editor:
Finally, a financial advice column in a mainstream newspaper that extols the virtues of life insurance as a solid investment for Millennials. Thank you to Jeff Reeves for showing, in his October 13 “Deck is stacked against Millennial savers: Here’s how to succeed” column, that life insurance is not only still relevant but also critical for Millennials to achieve their life dreams.
There are many opportunities for Millennials, and members of all generations, to secure their financial futures with private-sector financial products. Notwithstanding the current infatuation with state-run retirement plans, many of which do not avail themselves of the vibrant financial products marketplace, along with other significant reservations, we believe that the best answer to the question of economic security is still the private life insurance and financial products sector.
Government policy can do much more for everyone if it promoted and protected private-sector solutions rather than competing with the expertise of the tax-paying, job-providing insurance and financial services industries with government-sponsored retirement plans. As if Social Security and Obamacare aren’t enough to punctuate this point, the track record of financial advisors and insurance agents should drive home the point that the private sector, and not government, is still the best solution to many of our issues.
Lawrence Holzberg, LUTCF
President, National Association of Insurance and Financial Advisors – NYS