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Life Health > Life Insurance > Permanent Life Insurance

Older-Age Life Insurance Application Flow Rises

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Overall U.S. individual life insurance activity fell in October, but the number of applications coming from people ages 61 and older increased, according to MIB Group.

The Braintree, Massachusetts-based life insurance underwriting organization says overall application flow was 5.2% lower last month than in October 2021.

But activity increased over year-earlier levels for people in the 61-70 age group and the 71-and-older age group.

What It Means

Older clients might be more interested in life insurance because of the COVID-19 pandemic. But it’s also possible that older clients are making more use of cash-value life insurance in income planning arrangements and long-term care planning arrangements.

The Details

Here are the activity change figures, for October, for applicants in five different age groups:

  • Ages zero-30: -6.9%
  • Ages 31-50: -7.4%
  • Ages 51-60: -3.0%
  • Ages 61-70: +0.2%
  • Ages 71 and older: +1.3%

Here’s how activity changed for three different types of life insurance products:

  • Term life: +0.4%
  • Universal life: -6.2%
  • Whole life: -14.3%

(Image: Shutterstock)


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