Protect Retirement Security and Financial Protection in Washington

SB 5949 and HB 2487, proposals under consideration by the Washington Department of Revenue, could narrow longstanding exemptions for insurers under the state’s Business & Occupations (B&O) tax. If enacted, the proposal could impact affordability and availability of retirement and financial protection products for Washington residents.

As a professional in the insurance industry, you understand the real world impact these products have on families, retirees, and communities.

Lawmakers need to hear directly from professionals who work in the industry and understand how these issues affect real people.

Please take action and tell lawmakers to protect financial security in Washington.

Dear [Lawmaker],

As a Washington resident and professional in the insurance industry, I urge you to oppose SB 5949 and HB 2487, which I fear could make essential insurance coverage more expensive and harder for families to access.

In my work, I see how quickly medical costs, disability, caregiving needs, or the loss of income can destabilize a household. Financial protection products offered by life insurers, including dental coverage, supplemental plans like cancer and accident insurance, disability income protection, and long-term care insurance help families manage risks and avoid falling into debt when life takes an unexpected turn.

Because life insurers pay a gross premium tax instead of the business and occupations tax, SB 5949 and HB 2487 could impose new business taxes that increase costs and risk higher premiums or fewer coverage options, particularly affecting retirees, low-income households, and people living on fixed incomes.

Life insurers also play a vital role in Washington’s economy beyond the coverage they provide. They have invested approximately $190 billion across Washington, supporting housing, infrastructure, education, agriculture, utilities, and local employers throughout the state. At the same time, life insurers pay out roughly $4.8 billion each year in life insurance and annuity benefits to Washington families, about $13 million every day, providing financial stability during retirement, illness, disability, and loss. These are long-term, stable investments that help communities grow and weather economic uncertainty.

As someone who works directly in providing that protection, I respectfully ask that you oppose SB 5949 and HB 2487, and support policies that keep insurance affordable and accessible for Washington families.

Sincerely,
______

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