NU Online News Service, Jan. 17, 11:15 a.m. – Demand for life insurance products will increase significantly in the wake of the Sept. 11 terrorist attacks and the resulting stock market decline, according to Bob Kerzner, executive vice president of the individual life insurance division at Hartford Life Insurance Company, Simsbury, Conn.
“I think both of these events should have a massive impact on our business,” Kerzner predicted yesterday at a meeting of the Hartford Association of Insurance and Financial Advisors.
“The tragic loss of life on Sept. 11 left an immense impression on our collective psyche and, for many people, inexorably changes things from a financial planning perspective,” Kerzner said “The stock market goes up and down, but none of us should believe for a moment that we will be able to count on market valuations being up on the day we die. We sell the only product — life insurance — that can provide cash when it’s needed the most.”
Kerzner also predicted a bright future for sales of variable universal life insurance.
Overall U.S. VUL sales have slumped recently, along with the stock market, but Kerzner reported VUL sales have increased significantly at Hartford Life.
“Hartford Life believes variable universal life insurance will still be the leading permanent life insurance product over the next five years,” Kerzner said.
Hartford Life is a subsidiary of The Hartford Financial Services Group Inc., Hartford.