Maybe COVID-19 has educated younger consumers about the value of life insurance.
U.S. life insurance application activity was 5.2% higher in May than in May 2019, according to MIB’s new application activity report.
The Braintree, Massachusetts-based life insurer consortium says overall application activity climbed even more for consumers in the youngest of the three age groups the MIB tracks.
Here are the MIB activity numbers for each age group for May:
- Ages 0-44: 7.1%
- Ages 45-59: 6.9%
- Ages 60 and older: -1.9%
MIB helps life insurers share information used in underwriting. MIB bases its life application activity figures on MIB database usage data.
- A copy of the latest MIB life application activity report is available here.
- An article about the MIB life application activity figures for May is available here.
The overall MIB activity index rose 5.6% in February, then fell 2.2% in March, and 3% in April.
MIB analysts are shying away from drawing firm conclusions about the life market from the May activity numbers.
“As carriers and agents adjust to the new normal and society returns, we remain cautious about identifying any trends given the impact of the COVID-19 exogenous event,” MIB says in a comment on the new numbers.
— Read Michael Fosbury to Lead MIB, on ThinkAdvisor.