Reviewing age groups by Index value paints a mixed picture of The MIB Life Index Report for February. The report found that the 0-44 age group is 20% under par. The February 2012 Index value is at its highest level since February 2006 and the 60 and above Index is 107% above par; the latter being unheard of since the Index’s inception in 2001.
U.S. Application activity for individually underwritten life insurance increased 5.5% for all ages combined in February year-over-year according to the MIB Life Index.
This is the fifth straight month of growth for the index and this February’s activity was exceptionally high for the season, the index value for the composite Life Index has crested 100 for the first time since February 2007, before the financial meltdown.
Application activity was up 7.4% from January although it has stagnated at close to two-percent less than the month to month activity that is normal for this time of the year.
U.S. life insurance application increased across all three age groups that are monitored by the index although at a slower pace than January. Ages zero- 44 was up 4.0%; ages 45-59 was up 3.9%; and ages 60 and higher was up 13.4%year over year.