Life sales to younger clients continue to increaseBy Andrew Rickard | March 16 2016 10:08AM
Once again, data from the Medical Information Bureau (MIB) shows that most new life applications are coming from those under the age of 45.
The Medical Information Bureau (MIB) has released its MIB Life Index numbers for February. It shows that application activity in the United States for individually underwritten life insurance increased by 4.6% year-over-year for all ages combined. Last month's application activity outpaced the amount recorded in January by 4.1% for all ages combined. MIB says this is consistent with seasonal trends for this time period, although it was slightly off pace.
Broken down by age group
Broken down by age group, application activity from people between the ages of 0 and 44 was up 5.8%, while applications from those aged between 45 and 59 was up 2.9%. For the over 60 demographic, applications were up 3.8% year-over-year.
"Since the second calendar quarter of 2015, application activity in the younger ages has surpassed growth of all other age groups," notes MIB. "2016 results show the industry continuing to capture younger age business at a strong rate."