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MIB: Life Activity Down In June

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NU Online News Service, July 11, 4:13 p.m. – The MIB Group Inc., Westwood, Mass. says the U.S. life insurers it serves checked 2.5% fewer individual life applications in June than they did in June 2001.

Activity for the second quarter was up 5.1% from activity for the second quarter of 2001, but June activity was weaker than May activity, and May activity was weaker than April activity.

“The overall trend remains positive, but June’s drop in activity, together with back-to-back monthly declines in volume, suggests a moderating growth trend overall,” Stacy Gill, a MIB vice president, says.

MIB analysts note that older life applicants behaved differently than younger applicants in June: application rates were up sharply for consumers over age 60, but down for consumers under age 45.

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

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