U.S. Life Application Activity Rebounds: MIB
Interest in whole life and universal life was especially strong.
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.
Life insurers often refer to whole life and universal life as “permanent life” products because, unlike term life, permanent products are designed to last for the entire life of the insured, rather than for a specified number of years.
MIB helps its member-owners obtain and verify some of the information used in the life insurance underwriting process. It produces monthly life application activity reports based on application review volume at its own application review systems.
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