Older woman (Image: Shutterstock)

MIB Group Inc. has published new data suggesting that older U.S. consumers were a lot more interested in life insurance in October than younger consumers were.

Overall life insurance application activity was down 2.8%, year over year, but the number of life applications from consumers ages 60 and older showed solid growth.

(Related: Older Consumers’ Life Application Activity Continues to Rise: MIB)

MIB is a nonprofit consortium that helps member life insurers screen life applications for inconsistencies.

MIB analysts use MIB application-checking volume figures as a life insurance application activity indicator.

In October:

  • Application activity for consumers ages 0 to 44 sank 7.3%.
  • Activity for consumers ages 45 to 59 fell 0.7%.
  • Activity for consumers ages 60 and older climbed 8.3%.

For the first 10 months of the year, overall MIB life application activity is down 0.5% when compared with the first 10 months of 2017.

— Read Older Consumers’ Life Application Activity Rises 4.4%: MIBon ThinkAdvisor.

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