Younger Americans Push Life Sales HigherBy Andrew Rickard | October 19 2015 01:25PM
The number of life insurance applications made in the United States during September was higher than in the same month last year, and sales to younger people continue to increase.
The Medical Information Bureau (MIB) has released its latest MIB Life Index numbers, and application activity for individually underwritten life insurance in the United States rose by 1.5% in September. These results are year-over-year, and for all ages combined.
This level of growth is somewhat weaker than other months, with September posting the second lowest level of activity for the year. Apart from this month and March, which was down by 3%, the MIB Index has recorded year-over-year increases throughout 2015.
Broken down by age segment, gains the younger demographic continues to outpace other groups. "In the age groups for U.S. individually underwritten life insurance, the baton has clearly been passed from leading growth in ages 60+, now shifting to ages 0-44. At the end of September, life insurance application activity was up 2.8%, ages 0-44, down 0.5% for ages 45-59, and up 1.2% ages 60+, year-over-year," says the MIB. "Year-to-date, application activity ages 0-44 were up 3.5%, ages 45-59 were up 0.8%, and ages 60+ were up 2.4%, year-over-year."