MIB Group Inc. says its overall life insurance application activity index crept up 0.7% in June from the level of activity recorded in June 2017.
Activity has turned around since May: In May, the MIB life insurance application activity index was down 1%, year-over year.
(Related: Life Application Activity Drifts Lower: MIB)
The latest results also look better than the results MIB reported a year ago. The June 2017 MIB activity level was 2.6% lower than the June 2016 activity level.
The new MIB results show that the numbers were better for young applicants and older applicants than for applicants in the middle age category:
- Application activity for consumers ages 60 and older was 1.6% higher in June than in June 2017.
- Activity for consumers ages 0-44 increased 1%.
- Activity for consumers ages 45-59 fell 0.4%.
About half of the people in MIB’s middle age category, for people ages 45 to 59, are members of the small “baby bust” generation. The baby bust started around 1965 and ended around 1985.
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.
A full copy of the new MIB report is available here.
Stacy Gill, MIB’s executive vice president, talks about the results in a video available here.
— Read Life Application Activity Falls: MIB, on ThinkAdvisor.