U.S. life insurance application activity continued to improve in May, mainly because consumers ages 45 to 59 were much more likely to apply for coverage, according to new activity data from MIB Group Inc.
In May, MIB says, overall activity rose 1.1%.
That’s up from an increase of just 0.1% in April.
(Related: Life Activity Creeps Above Zero: MIB)
Application activity for consumers ages 45 and older has been much stronger than activity for applicants under 45 since the beginning of the year. The activity level for consumers under 45 continued to decline in May, but at a more gradual pace than in April.
Here’s how the year-over-year activity picture looked in May for the three major age groups MIB tracks, along with the comparable activity figures for April:
- Ages 0-44: -2.8% (compared with -4% in April).
- Ages 45-59: +0.5% (compared with +1.3%).
- Ages 60 and older: +13% (compared with +11%).
MIB is a nonprofit organization that helps life insurers share data used to vet life insurance applicants. The activity index reflects MIB application-checking services volume.
A copy of the latest MIB life activity update is available here.
— Read Where Did the Young Life Insurance Applicants Go?, on ThinkAdvisor.