June 10, 2009 at 08:00 PM
U.S. life insurers received 3% fewer requests for individual coverage in May than they received in May 2008 – but about 11% 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 early 2006.
Activity has been especially weak for applicants under age 60.
In May, MIB U.S. application volume was down 7% for U.S. applicants ages 0 to 44, and it was down 1.1% for applicants ages 45 to 59.
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