Younger Clients Buying Life InsuranceBy Andrew Rickard | August 19 2015 08:52AM
Life insurance sales to those under the age of 44 were up again in the United States last month.
According to the Medical Information Bureau (MIB) Life Index, which measures application activity for individually underwritten life insurance in the US, the demand for life insurance increased by 4% across all age groups in July, year over year. When compared to the same seven month period last year, the MIB says that the numbers of applications were up by 2.3%.
While the age 60 and older demographic used to be the fasted growing segment, for the second month in a row gains in this area are being eclipsed by life insurance sales to younger clients.
Year-over-year application activity for those aged 44 and under was up by 6.5% last month, while ages 45 to 59 were up by 0.9% and ages 60 and over were up by 1.8%, Year-to-date, July application activity for ages 0 to 44, 45 to 59, and 60 plus were up by 3.2%, 0.7% and 2.4% respectively compared to the same seven month period in 2014.