MIB — a Braintree, Massachusetts-based insurance applicant data collection group — breaks consumers down into three age groups: ages 44 and younger; ages 45 to 59; and ages 60 and older.
Life application activity for people in the youngest age group was 1.4% higher in October than it was in October 2016. That compares with a year-over increase of 1.1% for consumers under 45 in September.
(Related: Young Consumers’ Life Activity Rises: MIB)
Although activity for young applicants increased, activity for people in the mddle age group fell 2.6%, year-over-year, in October, and activity for people in the oldest age group 1.7%.
The overall level of application activity was 0.2% lower in October than in October 2016. The 0.2% year-over-year decrease was the industry’s best performance since December 2016, when overall activity increased 0.3%.
Insurers use MIB data to check whether consumers have put valid information on their applications for life insurance, disability insurance and similar products.
MIB believes it processes about 90% of U.S. life applications.
MIB has posted a copy of the latest application activity figures here.
— Read MIB: U.S. Life Insurance Activity Continues Slow Growth on ThinkAdvisor.