The insurance industry is the largest supplier of money for long-term capital -- bonds and mortgages -- and is heavily into stocks today, unlike two decades ago.
There is no Federal Reserve or FDIC to prevent a "bank run" on the money owed to holders of guaranteed fixed interest loans available to holders of cash value life insurance policies.
When clients stop making premium payments, what then? How to pay claims? Liquidation of assets. That's bad news for the credit markets.