August application activity in the U.S. sets new records: MIB
Massachusetts-based MIB Group, Inc. says U.S. life insurance application activity jumped for a second consecutive month in August 2020, posting the largest year-over-year gain for an August on record.
Application activity surged 9.1 per cent during the month, according to the MIB Life Index. Following July’s record-setting gains, activity in August pulled back just 1.2 per cent month-over month. At the end of August 2020, the MIB Life Index is up 3.9 per cent overall, year-to-date.
Applications for those under age 60 continued to show unprecedented growth in August with application activity for those under age 44 climbing 12.4 per cent year-over-year. Application activity for those between ages 45 and 59 rose 10.1 per cent. Applications made for those over 60 declined 0.3 per cent.
Year-to-date, applications for those under 44 are up 6.3 per cent and applications for those between ages 45 and 59 have risen 3.2 per cent, while applications written for those over age 60 declined 1.3 per cent year-to-date.