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MIB: Application Activity Drops Again

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U.S. life insurers continued to have a hard time reaching consumers in August.[@@]

The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 3.1% fewer life insurance applications in August than they checked in August 2004.

In January, MIB found that U.S. life application activity rose 0.9%, but that increase was the first and last MIB has recorded since 2004.

Application activity fell 0.5% for consumers age 60 and over, 4.1% for consumers ages 45 to 59, and 3.7% for consumers under age 45.

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.