US Life Sales Climb 5.3% in Augustpar Andrew Rickard | September 17 2015 11:19AM
According to the Medical Information Bureau’s (MIB) Life Index, which measures application activity for individually underwritten life insurance in the United States, the demand for coverage rose 5.3% in August. This increase applies across all age groups, year over year.
MIB notes that 2015 has seen the longest period of monthly expansion ever recorded, and the Index is gradually making up for the ground it lost last year. Year-to-date, the MIB Life Index is now up by 2.7%, having posted gains in seven of the last eight months of this year. Compared to July, August activity was up by 2.6%.
For the last several months, there have been more sales in the 0 to 44 age group than in other demographics, and the same is true for August; MIB says that life applications for those aged 44 and under were up by 7% year-over-year and up by 3.6% year-to-date. However, the older market segments still experienced gains, with applications for ages 45 to 59 increasing by 3.3% year-over-year, and by 1.0% year-to-date, and applications for ages 60 and over up 3.5% year-over-year, and up 2.5% year-to-date.