Life insurers’ superpower? Long-term promises says ACLI CEO David Chavern

As Life Insurance Awareness Month kicks off—and as he marks his first year leading the American Council of Life Insurers as President and CEO—David Chavern talks with InsuranceNewsNet Managing Editor Susan Rupe about the industry’s “moment,” the annuity boom, and why Washington needs a new vocabulary for what life insurers do.

Susan Rupe: You’ve just completed your first year as president and CEO of the American Council of Life Insurers. What were your goals coming in, and where has ACLI gone in the past year?

David Chavern: Year one was about learning and executing. I didn’t come up through the life insurance ranks—though I served more than a decade on Transamerica’s U.S. board—so I spent a lot of time meeting people, understanding issues and aligning ACLI to what the industry needs. Culturally, this industry has a kind of Midwestern decency—hard-charging but welcoming—and that made the learning curve productive.

At the same time, we had to immediately engage on the 2025 tax fight—the “Super Bowl of tax.” We built and ran a coordinated campaign, and we came out in a good place. In Washington, there are no permanent victories, so our focus now is being better prepared for what’s next.

Rupe: There are many trade groups in this space. What sets ACLI apart?

Chavern: We represent carriers—about 275 members accounting for roughly 95% of industry assets—so, in a fundamental sense, we represent the industry. We also work closely with distribution and product-specific groups like Finseca and NAFA. You always need more friends in Washington, and the coordination across associations has been strong. If differences arise, we keep them “in the house.”

Rupe: Where do you see the industry heading?

Chavern: The curve of history is bending toward us. We’ve moved from a long accumulation era to a decumulation and wealth-transfer era. Most retirees don’t have defined benefit pensions, but they do want to manage longevity risk. That’s why annuities are the fastest-growing product.

Our “superpower” is making long-term promises—multi-decade guarantees no bank or mutual fund can provide. I recently heard about a customer who bought a policy at 17 and is now 109—nearly a century of one commercial relationship. That’s unique, and the demand for it is rising.

Rupe: Many consumers still think “life insurance = funeral expenses.” How do you raise awareness of the broader value?

Chavern: We’re building a new vocabulary. The term “life insurance” names a product we love, but it doesn’t capture the full suite—income protection, retirement income, disability, long-term care—and it lumps us with lines we’re nothing like.

We need language that reflects what we uniquely do: help people manage risks over decades so they can live the life they want to live. That applies to consumers and policymakers alike. For example, our research shows that access to annuities leads many people to claim Social Security later, easing pressure on the system by at least $100 billion. Policymakers should understand—and want—us to keep delivering that kind of value.

Rupe: What’s ACLI’s message for Life Insurance Awareness Month?

Chavern: “We put life into America.” When we make a 30-year promise, we invest those premiums in the U.S. economy—about $8 trillion overall. We’re the ballast—supporting families with guarantees and the economy with patient capital, including as the largest buyer of corporate bonds.

Rupe: How are you bringing that message to lawmakers?

Chavern: Knocking on doors—constantly. I’ve done a lot of meetings, and CEOs across our member companies have been generous with their time. We’ve paired that with sustained public education—ads and facts that reinforce our unique role. There’s no silver bullet. It’s repetition, discipline and sweat.

Rupe: The “big, beautiful bill” dominated headlines. What did ACLI and the industry do behind the scenes?

Chavern: Both behind and in front of the scenes, we stayed coordinated. In 2017, our industry unexpectedly became a pay-for to the tune of about $24 billion. Going into this round, the entire industry committed to one message: We already “gave at the office,” and repeating that would harm not just carriers and distribution but consumers managing risk. Policymakers heard us—consistently. The bigger takeaway is that we proved we can execute together. But again, no permanent wins; we need to be even better next time.

Rupe: What’s on the near-term horizon in Washington?

Chavern: Deficits are historically large. At some point, Congress—or state capitols—will look for revenue. We need to be ready with a clearer understanding, broader appreciation, and real champions who know our importance and will spend political capital to defend it.

Rupe: Our audience is agents and advisors selling life, annuities, disability and long-term care, and doing financial planning. What do you want them to know about ACLI?

Chavern: We’re tireless. We learned two things from the latest tax fight: First, we’re still not well understood or appreciated. Second, while we have friends, we need more true champions. ACLI is leading on both fronts—reframing the vocabulary around our value and building a deeper bench of champions in Washington and the states. A good outcome this year, yes—but the work continues.

Rupe: Anything we didn’t cover that you’d like to add?

Chavern: This is our moment. We do something the public needs that other financial sectors can’t do. I’m fortunate to be here now—but we’re taking nothing for granted. There’s an old line from Sen. Russell Long on tax fights: “Don’t tax you, don’t tax me, tax that feller behind the tree.” In 2017, we were that feller. We avoided it this time, but next time we must be front-of-mind for policymakers—understood, appreciated and defended. That’s the mission, and I’m proud to lead it.

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