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MIB: February Life Application Activity Fell 0.7%

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NU Online News Service, March 12, 2004, 1:44 p.m. EST – The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 0.7% fewer life insurance applications in February than they checked in February 2003.[@@]

In February, activity for U.S. applicants over age 59 grew 7.9%, but activity for U.S. applicants under age 45 fell 2.3%.

Canada generated stronger activity than the United States did, but Canadian application activity was down, too. The overall Canadian activity level fell 1.4%, MIB reports.

Although application activity was lower in February than it was a year earlier, MIB notes that February was a much stronger month than January. In January, total U.S. activity sank 5.7% and total Canadian activity fell 1.6%.

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.