Every time there is an economic crisis, it is bound to have huge impact on all facets of our lives. From your grocery food items, mortgages, gas and fuel to life insurance have so many effects on how we do things. Life insurance companies may be having a good time right now as many people are looking for protection and security. Insurers are really benefiting from the financial crisis. The financial crisis has brought a spike on life insurance buying as more people realize that they need to be protected when there is economic turmoil and recession.
Life insurers are benefiting from form the financial crisis with a 9.5 percent increase in total premiums over the past year to September 30. This is according to The Nation Business Review article written by Fiona Robertson. According to the statistics from the Investment Savings and insurance Association, total premiums for in force life insurance policies increase to 1.512 billion dollars compared with 1.381 billion over that time. New policies sales has rose particularly strongly in the September quarter with premiums for new individual risk policies up to 21 percent to 51.78 million dollars.
It is very true that many people are flocking to get life insurance to protect their business and loves. One of the main reason for this is the many people who lost their jobs and do not have life insurance outside of their group insurance. I can imagine a boom for life insurance companies especially in the US. With people losing their jobs from almost sector of society, you can simply do the math and you can see that so many jobless people now are those that have been laid off because of rough economic times. To some people in the industry, they do not agree on the timing to get you insured. While most people would always consider insuring as part of their financial road map, this is not the right time to get insured. But you cannot get people not to worry about what is going to happen since there is more pressure for everyone to get some form of protection and security. Protecting your family and business is foremost in the minds of most people because of the disastrous effects of inflation and deflation. Economic hard times mean a lot pressure from your work to perform and produce more and in the process stressing out yourself. Being too stressful can have so many health risks that can render you incapable of working and worst die of heart attack or stroke.
The rush to get financial protection and security at times like this has to do a lot with the health issues of many people. Many people are getting sick or stress at work and some eventually take short term leave or long term leave of absence because of medical reasons. When people are push to the limit and with so many problems with your mortgages, credit card debts and loans plus your regular bill payments, it takes its toll on anyone. When all these factors are happening at once, people run for cover so to speak. And the best that you can do is to protect and secure your business, family and love ones.
With all the health and other issues that mentioned that affect every individual during financial crisis, one should not wonder why people are flocking to buy life insurance from amongst the many life insurance companies. It has indeed spike the rate of buying policy coverage in the last little while since the economic downturn started. Whether some quarters are advising people that this is not the best time to get insured, you cannot prevent people who may be panicking over the situation. The statistical numbers do not lie and it really showed the spike or surge in people getting policy coverage.
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