Following two consecutive months of declines, U.S. life insurance application activity jumped 5.2 per cent, year-over-year, in May 2020, this according to MIB Group, creators of the MIB Life Index. “The recovery using month-over prior month comparisons was even more impressive,” says MIB.

February-March application activity declined 6.7 per cent, while March-April was off 5.5 per cent. April-May, on the other hand, “bounced back an unprecedented 1.5 per cent, in a time period historically off five per cent or more as summer months approach.”

Year-over-year, the May 2020 index was up 5.2 per cent, even with two fewer business days relative to the 2019 comparative period. Year-to-date the composite MIB Life Index is up 1.6 per cent at the end of May. Application activity among those ages 0-44 climbed 7.1 per cent, year-over-year, ages 45-59 gained 6.9 per cent, and application activity among the 60+ cohort declined 1.9 per cent.

Month-over prior month, application activity recovered from COVID-19 declines, most notably among the 60+ age group. Insurance application activity jumped 4.4 per cent among that cohort, gained 1.2 per cent among those between 45 and 59, and gained just 0.6 per cent month-over-month for those under age 44.