“There are a lot of people in New Zealand that need life insurance” he says.
Swanson says the growth of the mortgage broking business in New Zealand over recent years has been at the expense of te life insurance markets.
Industry figures show that the life insurance markets have been relatively stagnanta, however mortgege broking has grown.
“It’s a limited bandwidth issue,” Swanson says about the life insurance new business statistics.
“But who can blame brokers when they can get a commission of around $1,600 for a loan of $200,000 without their clients having do things like medicals?”
Also during an economic upturn people as people feel more confident and wealthy the less they feel the need to cover risk.
The reverse is also true and Swanson illustrates that point by saying that after September 11 life insurance went up 20% in the US alone.
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