NAIFA - National Association of Insurance and Financial Advisors, fka NALU

  • Gary Sanders (National Association of Insurance and Financial Advisors—NAIFA) agreed that use of the term “cash value” was confusing.

2017 0217 - NAIC - LIBGWG Conference Call

  • While life insurance is not a retirement strategy, it can help provide the opportunity for supplemental financial support in retirement.  (p23-24)

2018 - AdvisorToday - Bridging the Gap: An understanding of the potential uses for permanent life insurance can help clients see it as a tool to help fill gaps in their portfolio. By Jason Wellmann - 53p

  • In the early years of Single Premium Life (endowments), producers sold the heck out of them.
  • It took a while before the feds figured out they were being used as tax-shelters.
  • That epiphany led to the resurrection of the decades old debate about taxing the inside build-up in a life insurance contract, a war NAIFA has been fighting since 1913.
  • And won every battle.

2017 0803 - NAIFA-Washington - IFAPAC and MEC - [link]

  • 2018 0514 - asaecenter - How Storytelling Can Help Congressional Champions Make Your Case, by Diane R. Boyle - [link]
  • 2020 0219 - NAIFA - MDRT Big Ideas: Selling Large Insurance Policies to High Net Worth - [Dale Martin, CLU, ChFC] - [VIDEO-YouTube-59:28]
    • 48 - They didn't buy Life Insurance, they bought a legacy trust. AHA Moment
      • Life Insurance is a tool.
    • 52 - Pain in the Butt
    • 55 - Probably have to stay away from the words "Tax-Free." "I all them Insured Private Pensions."
      • Qualified vs Non-Qualified, Super Roth IRA
      • I would never say "Whole Life Insurance."
        • Eventually you have to tell them it is. I'm not saying that it's a Shell Game.
    • Didn't buy Life Insurance. Bought something to help him leave a legacy for his family. 
  • 2003 0515 - GOV - Retirement Security: What Seniors Need to Know About Protecting Their Futures
    • David F. Woods, CEO, National Association of Insurance and Financial Advisors (NAIFA)
      • (p9) - We have 800 local associations across the country representing 325,000 insurance agents, financial advisers and their staffs.
        • Our mission is to provide professional education and support to our members, to establish and to maintain ethical standards for them.
      • (p9) - Let me if I can just give you a very brief overview of the role that an agent-adviser plays.
      • (p9-10) - And then to do the research, to find the appropriate products that may address those needs, and to bring those needs to their attention; to help them evaluate them; to provide competitive analysis for them, so that they can make an informed and intelligent decision about the products that are important in their lives.
    • (p19-20)
      • Mr. KANJORSKI. You know, I am struck, one of our fine senators, I cannot recall his name right now, but he talked about compound interest and what a small portion of the American population understands the ramification of compound interest.
        • Maybe we ought to develop a Florida-type test that you have to take, and if you cannot pass the test of understanding compound interest, you are just disqualified from the field.
        • Would you recommend that we take that up with your governor and include that as part of that final test down there?
      • ...
      • Mr. WOODS. Mr. Chairman, could I add something to that statement? You cannot legislate morality. That is a truism.
        • Education is the best defense against fraud and things like that.
          • That is the reason why the life insurance industry about 10 years ago created the Life and Health Insurance Foundation for Education to provide that kind of financial literacy..... [lifehappens.org]
        • It is a massive job.
          • We have not done this very well or at all forever, I suspect, and really the effort has begun in the last five or ten years.
          • We are very proud that the insurance industry has made this investment in this effort.
      • (p25) - Woods: The other thing is, and Congressman Lucas can attest to this, he pointed out his credentials in the insurance industry, the best teacher of all, the best educator of all is a knowledgeable and qualified life insurance agent.
        • Consumer study after consumer study indicates that that is where people get their information, and they want to get their information from them.
  • dolfiduciaryrule.com/portalresource/ChambervPerez2016-07-18ECF50ACLI-NAIFAMSJ-AppVol3of5.PDF
    • Case 3:16-cv-01476-M Document 50-3 Filed 07/18/16 Page 90 of 286 PageID 2028
      • Page 50 of 286 PageID 1988 - IRI
        • In the insurance industry, product disclosures, including cost disclosures, are typically controlled by the product issuer, and not the individual adviser or selling firm.
          • This has the benefit of increased uniformity of disclosure, in that hundreds of sales persons selling for an issuer can use the same consistent, carefully reviewed sales materials.
          • For that reason, insurance product issuers typically contractually prohibit distributors from independently generating product-related sales materials.
      • Case 3:16-cv-01476-M Document 50-3 Filed 07/18/16 Page 107 / 108 of 286 PageID 2045
        • If the requirement is retained, however, NAIFA strongly encourages the Department to clarify that this particular obligation falls on the financial institution, and not the individual advisor.
        • Advisors will not have access to the information subject to this disclosure requirement (e.g., total dollar amount of all fees paid by the investor, directly or indirectly, and all compensation received by the advisor and financial institution, which includes compensation paid to parties upstream from the advisor—fees about which the advisor would not be aware).
        • And again, the burden of the disclosure requirement will be particularly heavy for independent advisors without back office support.
        • Regardless of which entity ultimately is responsible for making these disclosures, under the Department’s proposal, investors will be inundated with complex charts and figures and duplicative information.
          • This could result in heightened consumer confusion and no real consumer benefit.
          • According to a LIMRA Secure Retirement Institute Survey published in May 2015, disclosures do not necessarily help investors grasp how much they are paying in fees or for what they are paying.33
  • Term Insurance: Life insurance written for a specific time period and payable only if the policyholder dies within that time period.
  • Universal life insurance: A flexible life insurance policy allowing the policyholder to change the death benefit from time to time, and vary the amount or time of a premium payment.
  • Variable life insurance: Life insurance under which the benefits vary, but never below a guaranteed minimum benefit, based on the value of assets behind the contract at the time the benefit is paid.
  • Variable Universal Life Insurance: A type of life insurance policy that combines the premium flexibility features of universal life insurance with the policyowner--directed investment aspects of variable life insurance.
  • Whole Life: Life insurance coverage that remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy.

naifawisconsin.org/glossary.html