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MIB: Buyers Submit Fewer Applications

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U.S. life insurers may have received fewer requests for individual coverage in September.

The MIB Group Inc., Westwood, Mass., says U.S. life insurers checked 1% fewer individually underwritten life insurance applications in September than they checked in September 2005.

Year-to-year activity comparisons increased in January and February but started falling in March.

The MIB activity index has fallen during most months during the past 3 years.

In September, activity fell 1.4% for consumers ages 0 to 44 and 0.8% for applicants ages 45 to 59, but activity increased 1.2% for applicants age 60 and over.

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.