MIB Group Inc. says overall life insurance application activity was 1% lower in May than it was in May 2017.
The decrease was smaller than the decrease MIB reported for April: In April, the MIB life insurance application activity index was down 2.2%, year-over year.
(Related: Life Application Activity Falls: MIB)
- Application activity for consumers ages 60 and older was 0.4% higher in May than in May 2017.
- Activity for consumers ages 0-44 fell 1.7%,.
- Activity for consumers ages 45 to 59 fell 0.6%.
MIB is a Braintree, Massachusetts-based insurance industry group that helps life insurers share underwriting information. Insurers use the data to check the information in insurance applications. MIB says U.S. issuers use its system when reviewing about 90% individually underwritten life applications.