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MIB: U.S. Life Application Activity Rises 1%

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NU Online News Service, Sept. 17, 2004, 6:47 p.m. EDT

The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 1% more life insurance applications in August than they checked in August 2003.[@@]

Strong demand by applicants over age 59 has stabilized the U.S. activity level for months, but younger consumers also submitted more applications, MIB says.

In August, activity increased 0.7% for applicants under age 45, increased 1% for applicants between the ages of 45 and 59, and increased 2.5% for applicants over age 59, MIB says.

The Canadian market has been more active than the U.S. market in most recent months. In August, the Canadian application activity level was up 1.8%.

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.