U.S. life insurers received 1% more requests for individual coverage in February than they received in February 2008 – and 15% more for applicants ages 60 and older.
The MIB Group Inc., Braintree, Mass., is basing that figure on an analysis of North American life insurers’ use of MIB databases to check individually underwritten life applications.
MIB U.S. activity volume has fallen in most months since March 2006. The February year-over-year increase is the first MIB has reported since December 2007, when MIB database activity increased 0.4%.
Activity has been especially weak for applicants under age 60.
In February, MIB U.S. application volume was down 2.9% for U.S. applicants ages 0 to 44, but activity was up 3.9% for applicants ages 45 to 59.