NU Online News Service, April 8, 10:34 a.m. – The MIB Group Inc., Westwood, Mass. says the U.S. and Canadian life insurers it serves checked 1.4% fewer individual life applications in March than they checked in March 2001.
The number of applications checked was down 2.5% in the United States but up 9.1% in Canada, MIB says.
“A 3.8% drop in U.S. application activity in the 0-44 age group for March contributed to dragging the monthly activity below that of March 2001,” Stacy Gill, a MIB vice president, says. “Even so, activity in that age group was 6% above February’s level.”
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.