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December 09, 2019 at 06:58 PM
MIB Group Inc. is reporting the first year-over-year increase since June 2018 in younger U.S. consumers’ individual life application activity level.
For U.S. consumers ages 0 to 44, the individual life application activity level was 4.6% higher in November than it was in November 2018, according to MIB.
(Related: Older Consumers Keep Submitting More Life Applications: MIB)
The overall U.S. individual life application activity level climbed 6%. The overall increase is the best MIB has recorded since March 2018.
The Index
U.S. and Canadian life insurers use MIB to share some of the information they use to check life and health coverage applications.
The Braintree, Massachusetts-based organization comes up with the life insurance application activity data by looking at MIB system application checking volume.
Activity by Age Group
MIB reports life activity data for applicants ages 0 through 44; ages 45 through 59; and ages 60 and older.
From January through October, application checking levels have been strongest for the consumers in the oldest group, and weakest for the consumers in the youngest age group. Even though activity increased for the youngest group in November, the youngest age group continued to have the weakest activity numbers.
Here are the group-by-group numbers for November:
- Ages 0-44: +4.6%
- Ages 45-59: +7.2%
- Ages 60 and older: +8.2%
Reasons
MIB analysts did not speculate about the reasons behind younger consumers’ sudden increase life insurance application activity levels, or for the strong overall activity level.
