U.S. life insurance application activity jumped off a diving board in July, after improving every month in the second quarter, according to new activity data from MIB Group Inc.
In July, MIB says, overall activity fell 3.2.%
MIB is a nonprofit group that helps life insurers share some of the information used to underwrite life insurance applicants. MIB bases the activity index on MIB application-checking services volume.
MIB’s 3.2% activity decrease figure for July compares with an increase estimate of 3.3% reported for June, and an increase of 1.5% reported for the second quarter.
The July decrease is the worst monthly result MIB has reported since March, when activity dropped 4.9%.
The drop could be due partly to the Independence Day holiday, but the MIB activity index for May, which includes Memorial Day, showed a year-over-year increase of 1.5% in the activity level for May.
Application activity for consumers ages 45 and older has been much stronger than activity for applicants under 45 since the beginning of the year.
That trend continued in July: Activity fell the most for people under 45.
The number of applications from people ages 60 and older continued to rise.
For July activity level changes broken down by age group, see the data cards in the slideshow above.
A copy of the latest MIB life activity update is available here.
— Read Where Did the Young Life Insurance Applicants Go?, on ThinkAdvisor.