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.
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.
- 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%: MIB, on ThinkAdvisor.