Is the life insurance market going to drastically drop due to the possible recession?

murph · 07-22-2008, 06:56 PM

I just passed my life and health exam in S. California, and am set to start selling with New York Life. Most of the comments I've read here have said pretty good things about NYL, but I'm curious how negatively effected the life industry has been and will be as the economy gets worse. Any advice or just plain comments will be appreciated.

magagent · 07-22-2008, 07:11 PM

So, what makes you think we are in a "possible recession"? If you have not already turn off the morning and evening news all they preach is "doom and gloom".

Who cares what the so called "experts" think, you know you can sell insurance now go do it!

gradyinsurance · 07-22-2008, 07:14 PM

IMO, life sales usually fall off a little in the months before a presidental election. Combining that with the current economic climate, means that sales will probably be slower than average for a little while. However, if you can sell, it doesn't matter what the "climate" is.

Dave

moonlightandmargaritas · 07-22-2008, 07:16 PM

Originally Posted by magagent

So, what makes you think we are in a "possible recession"?

Who cares what the so called "experts" think, you know you can sell insurance now go do it!

You sound like a Bush supporter (if there are any left that will admit it).

Warren Buffet is NOT a so called expert?

This is foolish crap. Of course we're in a recession, only a fool would not acknowledge it.

Despite it, there's never been a time of greater opportunity. Capitalize on it.

murph · 07-22-2008, 07:17 PM

Yah, I know. I'm coming out of the car sales business and am very motivated to succeed and am confident that I will, just curious how the insurance market has been effected. Has it? Is it recession proof like I've heard some people say?

moonlightandmargaritas · 07-22-2008, 07:18 PM

No, it isn't.

murph · 07-22-2008, 07:21 PM

"Despite it, there's never been a time of greater opportunity. Capitalize on it."

Why is this a greater time for opportunity?

moonlightandmargaritas · 07-22-2008, 07:27 PM

Because business conditions mainly have to do with "what is between your ears".

magagent · 07-22-2008, 07:38 PM

Moonlight, my political preference is not of any releveance (no I am not a bush supporter) but I am flattered you are so interested in my political position. moonlight, you are awful quick to start calling names. when I only asked why did he think we were in a recession.

So, Murph if your father (moonlight) will allow you to reply to my question I would be curious to hear what you have to say.

murph · 07-22-2008, 07:38 PM

Understood. It's nice to know that success in this business seems to be determined more by the individual than by economic climate.

JSF · 07-22-2008, 07:39 PM

Do people die less frequently during an economic "downturn"?

murph · 07-22-2008, 07:45 PM

I haven't personally felt or been effected by a "recession", however, yes the news of a recession in the media and from quotes from reputable people such as Greenspan and the like have given me and many people the notion that we are in or are approaching a recession. It may be media made "doom and gloom", but people are reacting to it and I was curious if that fear was keeping people from buying.

moonlightandmargaritas · 07-22-2008, 07:45 PM

Originally Posted by magagent

you are awful quick to start calling names. when I only asked why did he think we were in a recession.

It appears as though you don't read too well. What "name" did I call you?

YOUR quote - "Who cares what the so-called experts think."

Try this:

Buffett: Recession? Yes. Opportunity? Yes - Forbes.com

magagent · 07-22-2008, 07:56 PM

Actually, I read very well, I did not say that you were calling me names I said "you are awful quick to start calling names".

moonlightandmargaritas · 07-22-2008, 07:58 PM

Originally Posted by magagent

I said "you are awful quick to start calling names".

OK, I'll bite. Where?

moonlightandmargaritas · 07-22-2008, 08:00 PM

Originally Posted by JSF

Do people die less frequently during an economic "downturn"?

My guess would be that they die MORE frequently due to the stress, no?

magagent · 07-22-2008, 08:08 PM

You claim of course we are in a recession,only a fool would not acknowledge it. You may scroll down through the thread and read it for yourself.

moonlightandmargaritas · 07-22-2008, 08:10 PM

Originally Posted by magagent

You claim of course we are in a recession,only a fool would not acknowledge it. You may scroll down through the thread and read it for yourself.

If Warren Buffet acknowledges it...that is good enough for me.

djs · 07-22-2008, 08:58 PM

Recession or not (technically, we are not in a recession, but mentally, we are), the world of insurance is recession resistant, but not recession proof.

People still need auto insurance, home insurance, health insurance, etc. If you sell correctly, they won't let thier life policy lapse.

What I have noticed is people will lower their coverages to lower their premium, but not get rid of the coverage. If you can work with this, you are set. Many agents quit trying to sell when there is doom and gloom on the news, leaving plenty of opportunity.

The truth is, for a hard working agent, there is plenty of business to be written. Just go out and get your share, and NEVER worry about what the agent next to you is doing or what they say about the market. That's the real beauty of this job, you are the boss.

Dan

moonlightandmargaritas · 07-22-2008, 09:02 PM

Originally Posted by djs

NEVER worry about what the agent next to you is doing or what they say about the market. That's the real beauty of this job, you are the boss.

Better advice has NEVER appeared on this forum.