U.S. application activity for individually underwritten life insurance was down 1.4 percent in July, all ages combined year-over year. The drop was typical, precipitated by summer listlessness.
MIB Group, Inc., Braintree, Mass., published this finding in its MIB Life Index, a measure of life insurance application activity in the US. Released monthly, the Index is based on the number of searches MIB life member company underwriters perform on the MIB Checking Service database.
Despite the slight decline in application activity, the finding was assuaged by spreading new business over one additional business day in July than in July of the previous year.
The life insurance market in 2012 has been relatively strong so far with the life index up 2.2 percent year to date. July application activity was down 6.2 percent from that in June in 2012.
Broken down into age groups the application activity was as follows: 0-44 was down 2.0 percent; 45-59 was down 2.4 percent while activity was up 2.0 percent for those 60 and up. The pace of life insurance applications in the 60 and up age group has slowed to levels not observed since 2008 from January’s yearly high of 15.7 percent.
Notably, year to date activity remains positive across all age groups.