U.S. residents under age 45 spent July shopping for life insurance as if it were a hot new phone, or hand sanitizer.
Consumers in that age group filed close to 20% more life applications last month than they did in July 2019, according to MIB Group.
The under-45 group has been the strongest-performing age group since February, after years of being the weakest-performing age group.
MIB’s overall life application activity index was 14.1% higher in July than in July 2019.
Here are actual the MIB activity numbers for each age group for July:
- Ages 0-44: Up 18.9%
- Ages 45-59: Up 12.9%
- Ages 60 and older: Up 4%
MIB is a Braintree, Massachusetts-based life and health underwriting data consortium. MIB analysts base MIB’s life insurance application activity index on MIB database search statistics.
- A copy of the latest MIB life application activity report is available here.
- An article about the MIB life application activity figures for June is available here.
Part of the increase in the application activity level for people under 45 may reflect the underlying U.S. population structure.
Members of “Generation X” are part of a relatively small “baby bust” generation. They were born from 1965 through 1979, meaning that the oldest GenXers are turning 55 this year, and the youngest are turning 41.