Life Application Activity Falls
Activity is still higher than it was before the COVID-19 pandemic began.
The COVID-19 pandemic might have thrown off life application activity comparisons in October.
U.S. consumers submitted 1.5% fewer individual life insurance applications last month than they did in October 2020, according to new activity numbers from MIB Group.
But the Braintree, Massachusetts-based life insurer consortium says life application activity was 1% higher last month than in October 2019, before the pandemic began.
MIB helps member companies share some of the data used in life insurance underwriting. It bases application activity on the number of applications fed through its databases.
MIB notes that, in October, application activity for term life and universal life fell for all age groups.
Application activity for whole life increased for all age groups.
Here are the age-group activity figures for October:
- Ages 0-30: down 1.6%.
- Ages 31-50: down 0.5%.
- Ages 51-60: down 3.2%.
- Ages 61-70: down 5.1%.
- Ages 71 and Older: up 4.8%.
(Photo: Jason Alden/Bloomberg)