U.S. life insurers received far more requests for individual coverage from older applicants in August and fewer from young applicants.
The MIB Group Inc., Braintree, Mass., published that finding in an analysis of North American life insurers’ use of MIB databases to check individually underwritten life applications.
Overall MIB U.S. activity volume has fallen in most months since early 2006. Activity has been especially weak for applicants under age 60.
In August, MIB U.S. application volume was up 0.1% for all applicants, and it fell 3.1% for U.S. applicants ages 0 to 44. Activity increased 0.8% for applicants ages 45 to 59, and jumped 12.5% for applicants ages 60 and older.