MIB Group Inc. says overall life insurance application activity was 2.1% lower in April than it was in April 2017.
The decrease followed a big gain in March. In March, the overall MIB activity level was 6.7% higher than in March 2017.
Activity fell in April 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, activity fell 2.3%.
- For people ages 45 to 59, activity fell 2.5%.
- For people ages 60 and older, activity fell 0.6%.
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.
MIB noted last month that the increase reported for March was probably at least partly due to a quirk in the calendar.
For the first four months of the year, the MIB activity index is 0.5% lower than it was for the comparable period in 2017.
The rate of decrease is smaller than it was: For the first four months of 2017, the index was 1.8% lower than it was for the comparable period in 2016.
— Read Life Insurers Face Digital Age 2.0 on ThinkAdvisor.