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Life Application Activity Drops Again in June: MIB

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MIB Group Inc. says U.S. individual life insurance application activity was 2.6% lower in June than it was in June 2016.

The Braintree, Massachusetts-based organization says activity dropped 4.1% for consumers ages 60 and older, and 5% for consumers ages 45 to 59.

Activity numbers for people under the age of 45 fell 0.9%.  

(Related: Life Insurers Face 2% Activity Drop in May: MIB)

Activity for applicants of all ages was 1.8% lower in the second quarter of the year than in the comparable period in 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.

Stacy Gill, a MIB executive vice president, summarized the latest application checking numbers in a video by quoting the soul singer Bill Withers: “Ain’t no sunshine.”

But Gill said application levels look low now partly because they were strong in 2016.

In future months, it will be interesting to see whether life industry adoption of accelerated underwriting systems improves the application numbers, Gill said.

Read Life Insurers Face Steep Q1 Activity Drop: MIB on ThinkAdvisor.


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