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MIB: Buyers Submit More Applications

By Staff Writer

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U.S. life insurers may have received more requests for individual coverage in December 2007 than they did in December 2006.

The MIB Group Inc., Braintree, Mass., says U.S. life insurers used MIB databases to check 0.4% more individually underwritten life insurance applications in December 2007 than they used to check applications in the comparable month a year earlier.

The year-over-year U.S. activity increase is the first MIB has reported since March 2006.

MIB U.S. application volume was down 4.1% for U.S. applicants ages 0 to 44; down 1.9% for applicants ages 45 to 59; and up 1.7% for applicants ages 60 and over.

Canadian life application activity increased 9.2%, with activity rising the most, 4.3%, for applicants ages 45 to 59.