First-quarter life application activity was 4.5% lower than the activity level for the first quarter of 2016.
Life insurers use MIB systems to verify the information consumers give on more than 90% of life insurance applications submitted in the United States and Canada. One factor that could throw off MIB data could be life insurer decisions to skip the MIB checking process for some or all applications.
The effects of the “baby bust” that occurred from 1965 through 1978 on the number of people ages 45 to 59 might be cutting the number of sales to people in that age group.
The oldest people born during the “echo boom” that started in 1978 are now 39, and the effects of the echo boom on the number of U.S. residents ages 18 to 44 might be helping increase sales to people in that age range.
— Read Life insurance application activity rose 0.3% in December on ThinkAdvisor.