Close Close
An older couple

Life Health > Life Insurance > Permanent Life Insurance

Older-Age Life Insurance Application Flow Rises

Your article was successfully shared with the contacts you provided.

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)


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.