As a licensed insurance agent, I work with many individuals who elect to protect their families with life insurance. In a perfect world, they will never need this plan. However, for millions of Americans, including retirees and families who have lost a primary wage-earner, life insurance is essential to financial security. However, a pending ruling by the Biden administration puts many of these life insurance plans at risk.
Earlier this year, Treasury officials announced support to the National Association of Insurance Commissioners to adopt new regulations and penalties on certain insurance plans that are owned by private investment companies. More choices in the insurance market means more options for families and lower costs for people who do purchase plans. The plans singled out by the Biden administration aren’t risky or a bad investment — in fact, these types of plans have received an A rating from analysts.
As an insurance agent who works in the industry, these types of restrictions on options for consumers is concerning. As an elected official, these types of bureaucratic decisions by unelected administrators in DC are infuriating.
Here in Ohio, insurance director Judy French, a former Ohio Supreme Court justice, was appointed by Gov. Mike DeWine and can help. My hope is that we start pushing back on these liberal attacks on Americans and our financial security.
Tony J. Schroeder
Ottawa
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