Despite of, or perhaps because of, the tepid recovery from the economic crisis of 2008, TermLife-Insurance.com, a website providing quotes to life insurance shoppers, saw an increase in the number of people requesting quotes for life insurance as well as applying for life insurance policies.
The news comes on the heels of an economic report that came out last month that found GDP shrank in the fourth quarter of 2012.
Although economists famously quipped that it was the “best contraction you will ever see,” because it was marginal and has to be examined through the lens of an overall positive economic trajectory, the findings from TermLife-Insurance.com are still rather incongruous considering that when an economy shrinks, for the most part, so do sales.
The website saw five times the number of people who ran life insurance quotes and three times the number of people who requested applications for policies as they did this time last year.
Interestingly enough, a significant portion of the quotes were for 30-year term life policies which lock on rates for a long period of time. The reason for this could be that due to the uncertain economy, people are looking to lock in current low rates.