Young Consumers Keep Buying Life Insurance: MIB

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MIB Group Inc. says life insurance application activity for U.S. consumers under the age of 45 increased more in October, year-over-year, than in any other month since July 2016.

MIB — a Braintree, Massachusetts-based insurance applicant data collection group — breaks consumers down into three age groups: ages 44 and younger; ages 45 to 59; and ages 60 and older.

Life application activity for people in the youngest age group was 1.4% higher in October than it was in October 2016. That compares with a year-over increase of 1.1% for consumers under 45 in September.

(Related: Young Consumers' Life Activity Rises: MIB)

Although activity for young applicants increased, activity for people in the mddle age group fell 2.6%, year-over-year, in October, and activity for people in the oldest age group 1.7%. 

The overall level of application activity was 0.2% lower in October than in October 2016. The 0.2% year-over-year decrease was the industry's best performance since December 2016, when overall activity increased 0.3%.


MIB

Insurers use MIB data to check whether consumers have put valid information on their applications for life insurance, disability insurance and similar products.

MIB believes it processes about 90% of U.S. life applications.

MIB has posted a copy of the latest application activity figures here.

--- Read MIB: U.S. Life Insurance Activity Continues Slow Growth on ThinkAdvisor.


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