U.S. life applications increase in SeptemberBy The IJ Staff | October 16 2019 09:27AM
The MIB Life Index, a measure of application activity across the United States, shows that U.S. life insurance application activity rose 1.9 per cent year-over-year in September, the first solid gain posted since June when the index rose 3.3 per cent. MIB says September’s application activity was up 4.9 per cent from August. The index is now at par value year-to-date after declining 0.3 per cent year-over-year in the third quarter.
The increase reported by MIB’s actuarial and statistical group was largely driven by older applicants. Sales to older age life insurance buyers, those over 60 years of age, outpaced all other Life Index age groups, climbing 12.5 per cent year-over-year in September. The age group has posted double-digit gains in seven of the last nine months of the year.
Applications made by those between 45 and 59 years of age also jumped 2.7 per cent during the month, again posting gains in seven of the last nine months. Application activity for those under age 44 continues to lag all other groups, declining 2.2 per cent in September, year-over-year.
MIB has reported a decline in applications made by those under age 44 in every month of the year so far. Year-to-date application activity is down 4.4 per cent in the 0-44 age group category, up 0.7 per cent in the 45-59 age group, and up 11.9 per cent, year-to-date for those over age 60.