14 Aug 2009

Increase in life insurance policy sales

8:19 am on 14 August 2009

More people have been buying life insurance during the economic downturn.

Statistics from the Investment Savings and Insurance Association show a 6.7% growth in life insurance sales in the past year.

Association chief executive Vance Arkinstall says the $99 million growth is due to the recession.

He says when money becomes tight, people start worrying more about the financial security of their loved ones.

Mr Arkinstall says an increasing number of people are also choosing to insure against the death of a business partner.