Full repeal of the estate tax will not eliminate the need for life insurance, according to Dan Rice, chairman and co-founder of Charitable Trust Administration Co. In a recent speech given at the annual gathering of the Association for Advanced Life Underwriters, Rice commented that the overhaul of the estate tax will not protect all estates from taxation. Indeed, he said, many estates may still face significant tax liabilities even if Congress votes for full repeal, noting that there are numerous non-estate tax reasons for using significant amounts of life insurance for estate planning. Rice added that it is both "dangerous and shortsighted" to speculate about the future, especially since "life insurance proceeds enable clients to pay for significant foreseeable expenses and unforeseen potentially catastrophic expenses cheaply."