Year-over-year growth in U.S. individual life insurance applications looked slower in November — mainly because sales sizzled in November 2019.
MIB Group Inc. says overall U.S. individual life application activity was 1.6% higher in November 2020 than in November 2019.
That’s down from a 7.6% year-over-year increase between October 2019 and October 2020.
- 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.
Life application activity was 5% higher last month than it was the previous month.
The gap between November 2019 activity and November 2020 activity narrowed because, in November 2019, MIB recorded a 6% increase in application activity. That was the biggest increase MIB had reported in more than a year.
Some of the other factors affecting life insurance application activity levels include COVID-19 social distancing rules, the effects of low interest rates on life insurance prices and new, pandemic-related life insurance underwriting requirements.