What You Need to Know
- Activity for people ages 71 and older held up the best.
- Activity for people ages 61 through 70 dropped the most.
- Policygenius sees term life prices falling slightly.
U.S. individual life insurance application activity was good in January when compared with activity for January 2020, but dull when compared with January 2021.
MIB Group — a Braintree, Massachusetts-based group that helps member life insurers share some of the information used in life insurance underwriting — gives data on life insurers’ return to normal application activity levels in its latest batch of application activity data.
MIB bases its monthly life activity reports on the number of applications that flow through its underwriting systems.
MIB says the overall level of individual application activity was 4.8% lower in January than in January 2021.
But January 2021 activity level was especially high, because life insurers were still dealing with the application backlog created by the upheaval created by the COVID-19 pandemic in early 2020.
Activity last month was about the same as activity in January 2019 and in January 2020, before the pandemic changed the business environment, MIB says.
Here are the activity change figures, broken down by age group, for January:
- Ages zero-30: down 5.9%.
- Ages 31-50: down 3.6%.
- Ages 51-60: down 5.7%.
- Ages 61-70: down 7.1%.
- Ages 71 and older: down 0.2%.
Policygenius Price Index
Policygenius, a life insurance web broker, uses its term life pricing information to provide monthly term life price index reports.