Protect Retirement Security and Financial Protection in Washington

The Washington Department of Revenue is pursuing legislation through SB 5949 and HB 2487 that could narrow longstanding Business & Occupations (B&O) tax exemptions for insurers, essentially imposing a new tax on insurance and annuities.

If enacted, these changes may increase costs and limit access to retirement and financial protection solutions relied upon by Washington families and retirees.

As a trusted financial advisor, you see firsthand how life insurance and retirement products help your clients protect their families, plan for the future, and achieve long-term financial security.

Lawmakers need to understand how these proposals could directly affect people’s lives, including your clients, and the financial decisions they face.

*Note: Advisors should use their Ameriprise Financial email address.

Dear [Lawmaker],

As a Washington resident and a financial advisor, I urge you to oppose SB 5949 and HB 2487, which could make essential life insurance coverage more expensive and less accessible for Washington families.

In my work with Ameriprise Financial, a firm with a longstanding reputation for helping clients achieve long-term financial security with integrity, I see firsthand how medical costs, disability, caregiving needs, or the loss of income can quickly destabilize a household.

Life insurers pay a gross premium tax rather than the Business & Occupations tax. These proposals would impose a new tax that ultimately raises costs for consumers or reduce coverage options—particularly for retirees who are living on fixed incomes.

The life insurance industry also plays an important role in Washington’s economy, with $4.8 billion paid annually in benefits to Washington residents. These long-term investments support economic stability while helping families navigate retirement, illness, disability, and loss.

As your constituent and as someone who works daily to help Washington residents protect their financial futures, I respectfully ask you to oppose SB 5949 and HB 2487 and support policies that preserve affordable access to financial protection.

Sincerely,
______

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