Seniors drive life application activity in the U.S.
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Life insurance applications activity surged ahead in November 2019, led by strong growth during the month across all age groups. Although older clients’ application activity continued its upward trend, younger generations also showed breakthrough activity, posting significant gains in November.
“The MIB Life Index composite is up 0.7 per cent at November’s close, just one month after peeking above par value this past October,” the MIB Group says in its monthly report, released Dec. 13. “November’s composite index value is at a four year high at 112.28, a level not seen for a November since 2015.”
Application activity overall rose 11.3 per cent compared to October’s numbers. By age group, MIB says life insurance activity for those under age 44 is up 4.6 per cent. Activity for the 45 – 59 age group rose 7.2 per cent during the month, while insurance application growth rose 8.2 per cent among those over age 60.
Despite the higher monthly numbers, MIB adds that November gains only slightly boosted year-to-date numbers for those under age 60. Year-to-date application activity for those under 44 is down 3.2 per cent and up 1.3 per cent for those between 45 and 59. Application activity for those over 60 is up 11 per cent for the year.