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MIB: February Life Applications Up 7.1%

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NU Online News Service, March 8, 1:44 p.m. – The MIB Group Inc., Westwood, Mass. says the U.S. and Canadian life insurers it serves handled 7.1% more individual life applications in February than they handled in February 2001.

Application was up 5.3% in the United States and 24% in Canada, MIB says.

“The U.S. activity continues to be driven by older applicants,” Stacy Gill, a MIB vice president, says.

Younger applicants are driving sales in Canada, Gill adds.

MIB is a nonprofit group that collects information on individual life insurance customers for most U.S. and Canadian life and health insurance companies. The group uses the search activity for its own databases to compute a life application activity index.

The life index includes results for policies that account for more than 95% of all U.S. and Canadian individual life premium revenue, MIB says.