Selling more insurance in a economic slowdown

If predictions are right and the financial downturn comes into effect, it could largely impact the life insurance industry’s ability to sell products to consumers-especially new businesses.

With the predicted economic doom and gloom, advisers will be needed more than ever to understand affordability options for customers, new and existing during this period.

Partners Life chief operating officer Dan Walker says historically, economic downturns have had an opposite impact than expected, so consumers who retain their incomes behave differently compared to when the economy is confident.

“We tend to sell more business in tough economic times, than we would when consumers believe the good times will always continue, and when confidence and bravado is at its highest.