What You Need to Know
- MIB is a group that helps its life insurer-owners share data used in underwriting.
- Activity was higher last month than in August 2020 for all age groups.
- Whole life activity was up for all age groups.
U.S. issuers of individual life insurance received 5.5% more applications this past August than in August 2020, according to MIB Group.
The insurer-owned, Braintree, Massachusetts-based group says increases in application activity ranged from 0.6%, for consumers ages 0 to 30, to 9%, for consumers ages 71 and older.
Here’s how application activity trends varied by product type:
- Term Life: Down 2.1%
- Whole Life: Up 9%
- Universal Life: Up 14%
Activity for term life and universal life was up for some age groups and down for others, according to MIB.
For whole life, activity was up for all age groups, MIB says.