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MIB: Young Buyers Tiptoe Back Into Market

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U.S. life insurers are seeing a few more applicants under age 60.

The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 0.3% more life insurance applications in February than they checked in February 2005.

Activity also increased in January. The latest monthly increase means that activity has increased during 2 consecutive months for the first time in more than 3 years, MIB says.

The results are especially striking because activity for older applicants has been much stronger than activity for younger applicants over most of the past 3 years.

But in February, activity fell 3.4% for applicants age 60 and over.

Application activity rose 0.2% for consumers ages 0 to 44, and it rose 2% for consumers ages 45 to 59, MIB says.

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.