I sure hope Life Insurance Awareness Month accomplishes its intended mission.
This year it is perhaps more important than ever, as the industry tries to climb out of a hole created by a disastrous first half of 2009.
U.S. sales of individual life insurance dropped 20% in the second quarter, while year-to-date sales declined 23%, according to a report by global financial services rating agency A.M. Best Co. The decline represents the steepest six-month drop in nearly 70 years.
But there is reason to be optimistic that the tide could be turning when third-quarter results are released. More than half (61%) of respondents to a very recent online poll by our sister publication, National Underwriter Life & Health, indicated they believe sales will “start to show signs of life” by year-end. Another 6% predict sales will “come roaring back” while 32% believe sales will “still be falling.”