NU Online News Service, Nov. 12, 2003, 4:45 p.m. EST – The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 3.9% fewer life insurance applications in October than they checked in October 2002.
But MIB says activity for applicants over age 59 was much stronger than activity for applicants under age 45. The activity level fell more than 5% for the younger applicants but rose 5.6% for the older applicants.
Activity also was stronger in Canada than in the United States.
Canadian insurers’ activity level was down only 1.9% in October. For the first 10 months of the year, the Canadian activity level is down just 0.8% from the activity level for the comparable period in 2002. That compares with a 5% decline in U.S. activity over the same 10-month period.
MIB is a nonprofit group that collects information about individual life insurance customers for most U.S. and Canadian life and health insurance companies. The group uses the search activity statistics for its own databases to compute the life application activity statistics