U.S. applications for life insurance up in June
After pandemic-related declines in March through April, U.S. life insurance application activity rose for the second consecutive month, up 1.2% in June year over year, according to the MIB Life Index.
Despite the initial quarantine period straddling both the first and second quarters of 2020, the second quarter finished up 1.0 per cent from the same time last year, with the first quarter showing year-over-year gains of 1.8 per cent.
At the close of the second quarter, the composite MIB Life Index is up 1.5% year to date. June’s application activity was off -1.7% from that of May, a time period where gains and losses have been historically mixed.
People under 60 led the recent life insurance activity but at a slower pace compared to May. In June, application activity for those aged 0-44 was up 3.7%, up 1.3% for those 45-59, but ages 60 and over were off -5.5% year over year.