U.S. life insurers received more requests for individual coverage in October than they did in October 2008, and activity for older applicants soared.
The MIB Group Inc., Braintree, Mass., has published data supporting that finding in an analysis of North American life insurers’ use of MIB databases to check individually underwritten life applications.
Overall U.S. activity volume increased 2.2%. That is just the third year-over-year monthly gain MIB has recorded since early 2006 — but the second consecutive year-over monthly gain.
In September, overall activity was 1.8% higher than in September 2008.
Activity volume fell 2% for applicants ages 0 to 44, but activity for applicants ages 60 and older rose almost 18%.
For most of the past year, volume for applicants ages 45 to 59 has been down or flat. But activity for applicants in that age group increased 2.7% in September and 4.7% in October.