That things are bad is no secret. But every once in a while, as we slog through this meltdown, a statistic or set of data just pops out and reminds you that no matter how bad you thought things were, they’re worse.
What did it for me this week was reading through LIMRA International’s release on first quarter sales figures of the spectrum of life insurance products.
Even old-timers might have a hard time remembering when sales took such a nosedive, since as LIMRA’s CEO Bob Kerzner remarked, “…the last time quarterly sales dropped this much was in 1943.” (And if you’re one of those who can sit around the cracker barrel and reminisce, “If you think this is bad, sonny, you should have been around in the summer of ’43…”, well, all the more power to you.)
Overall, LIMRA reports, premium from individual life sales dropped, slid, plunged, plummeted, nosedived (take your pick) an amazing 26% from the year before.