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MIB: Application Activity Levels Off

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U.S. life insurers received almost as many requests for individual coverage in July 2008 as they received in July 2007, and they received far more requests from older applicants.

The MIB Group Inc., Braintree, Mass., says U.S. life insurers used MIB databases to check 0.2% fewer individually underwritten life insurance applications in July than they used to check applications in the comparable month a year earlier.

MIB U.S. activity volume has fallen in most months since March 2006, but activity showed signs of stabilizing in July, MIB experts say.

MIB U.S. application volume was down 2.1% for U.S. applicants ages 0 to 44, but activity rose 0.6% for applicants ages 45 to 59, and it climbed 7.1% for applicants ages 60 and over.