In a recent podcast, Nationwide Chief Economist Kathy Bostjancic and Nationwide Business Solutions Group Vice President Jessica Dowdy discussed how business life insurance can assist business owners in navigating the challenges of the current economic and labor markets. Dowdy highlighted the importance of solutions like corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) in addressing these issues.

Dowdy emphasized the impact of the COVID-19 pandemic on business owners, stating, “Business owners are still reeling from the impacts of COVID, facing economic turbulence and focusing on attracting and retaining talent in a continued tight labor market.” She also pointed out how economic downturns may cause businesses to prioritize cost-cutting measures over investments in life insurance policies but highlighted the benefits of COLI and BOLI in funding deferred compensation plans.

Discussing the current economic environment, Dowdy mentioned the advantage of high interest rates for BOLI policies, stating, “the current environment is actually beneficial for banks who want to take advantage of current policy rates.” She also highlighted Nationwide's efforts to adjust COLI policy features and pricing to benefit business owner customers in response to inflationary trends.

Dowdy expressed enthusiasm about the opportunities in the business life insurance market, stating, “There is so much opportunity in this market at this time, and we’re really proud of our 26-year commitment in this space.” She also emphasized Nationwide's dedication to supporting business owners through their evolving product suite and commitment to exceptional customer service.

Business owners interested in learning more about business life insurance solutions with Nationwide can visit their website for additional information and resources.