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Consumers Keep Life Insurance Underwriters Busy

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What You Need to Know

  • People ages 71 and older are submitting a lot more applications.
  • For consumers ages 61 through 70, the application count is shrinking.
  • Overall activity was up 3.7%, year-over-year.

U.S. consumers submitted 3.7% more individual life insurance applications this past September than they did in September 2020, according to new activity numbers from MIB Group.

For life insurance agents and advisors, the new numbers mean that the market is still comfortably warm, in spite of the chill from the delta variant of COVID-19, confusion in Congress and soft employment figures.

MIB is a Braintree, Massachusetts-based organization owned by life insurers. Most U.S. life insurers use MIB databases to check insurance applications for signs of fraud, missing information and errors.

MIB creates monthly life insurance market activity reports by looking at the number of applications flowing through its systems.

Application activity trends varied dramatically by age, possibly because of shifts in some life insurers’ marketing strategies and product menu changes.

Here are the age-group activity figures for September:

  • Ages 0-30: Up 1%.
  • Ages 31-50: Up 7.5%.
  • Ages 51-60: Up 1.8%.
  • Ages 61-70: Down 1.8%.
  • Ages 71 and Older: Up 6.3%.

(Image: Adobe Stock)