MIB Group Inc. says life insurance application activity was 2.4% lower in February than it was in February 2017.
Although activity fell for the second straight month, the rate of decline was slower than in January, when the overall activity level fell 4.4%, year-over-year.
(Related: Life Application Activity Cools)
Activity fell for all three of the age groups that MIB tracks, but the rate of decline for each age group was lower.
- For people ages 0 to 44, the rate of decline fell to 1.8%, from 3.7%.
- For people ages 45 to 59, the rate of decline fell to 3.5%, from 6.3%.
- For people ages 60 and older, the rate of decline fell to 2.7%, from 3.6%.
MIB is a Braintree, Massachusetts-based insurance industry group that collects data that life insurers can use to screen applications for life insurance and other forms of insurance for evidence of errors, or fraud. Issuers feed about 90% of medically underwritten applications through MIB systems.
— Read Life Application Activity Rises. For ALL Age Groupson ThinkAdvisor.