Life insurance application trends looked much stronger for younger U.S. consumers in October than for older consumers.
MIB Group says overall U.S. individual life application activity was 7.6% higher last month than in October 2019.
- A copy of the latest MIB life application activity report is available here.
- An earlier article about the MIB life application activity figures is available here.
That compares with a 4.3% life application activity year-over-year growth rate for the first 10 months of the year, and with a 4.4% year-over-year growth rate for September.
Activity increased in October for consumers ages 59 and younger. Activity for consumers ages 60 and older fell.
Life insurers use MIB to share underwriting information. The Braintree, Massachusetts-based organization publishes life application activity figures based on how often member insurers run applications through MIB application checking systems.
MIB breaks the life application activity volume down by three age groups.