As clients worry about protecting their retirement savings in light of a possible recession, some financial advisors wish they had more guaranteed universal life policies to offer, according to news reports.

Since the policies guarantee that annual premiums will stay the same during the policyholder’s lifetime, insurers are responsible for any miscalculations in the original pricing, the Wall Street Journal writes.

Meanwhile, as interest rates dropped during the Covid-19 pandemic, during 2020 several insurers, including Prudential, stopped selling such policies altogether. Others raised prices on the policies they were still selling, according to the publication.

In the first half of 2022, the number of new policies issued dropped 9% year-over-year, putting them at the level of the first half of 2019, according to Limra.

And despite the Federal Reserve now raising rates to combat inflation, industry executives and analysts say sales of the guaranteed policies aren’t likely to rebound, the Journal writes.

Some advisors who used such policies with their clients wish they had more choice, according to the publication.

“We are professional worriers on behalf of our clients, wanting them to be safe with no unexpected surprises,” John Resnick, principal of The Resnick Group, told the Journal.

Meanwhile, applications for life-insurance policies are down 6.5% through mid-August compared to the same period last year, and down 1.5% compared with 2020, the publication writes, citing data from MIB Group, an organization that tracks applications for life insurers.