What You Need to Know
- The age group with the biggest decline was the 31-50 age group.
- All product types experienced year-over-year declines.
- Year-to-date activity is 5.8% higher than in the first quarter of 2019.
U.S. individual life insurance application activity was soft in March when compared with March 2021, according to the new the new MIB life application activity report.
The overall level of activity was 7.7% lower last month than in the year-earlier month, MIB says.
MIB — a Braintree, Massachusetts-based underwriting data-sharing consortium — creates monthly life activity statistics based on the volume of applications flowing through its systems.
MIB says the sharp activity drop in March may reflect the lingering effects of COVID-19 disruption.
When compared with activity for the last “normal” first quarter — the first quarter of 2019 — activity for the first quarter of this year is up 5.8%, according to MIB.
What It Means
The MIB life application activity reports may give you an early hint about what your clients and prospects, and the U.S. economy as a whole, are thinking about their finances.
MIB reports also have a bearing on income planning, because consumers use many of the permanent life policies they buy, such as universal life policies and whole life policies, in retirement income planning and long-term care planning.