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December 07, 2022 at 10:43 AM
U.S. individual life insurance application activity stabilized in November, according to MIB Group.
MIB says overall application flow was just 0.2% lower last month than in November 2021.
That compares with an activity decrease of 5.2% in October, and a 5.6% activity decrease for all of the year to date.
What It Means
Clients might be starting to recover from the return of investment market volatility and going back to financial affairs basics, such as insuring themselves against the risk of premature death.
MIB
MIB is a Braintree, Massachusetts-based organization that helps member insurers share some of the information used in life insurance underwriting.
The organization bases its activity data on its own application checking volume.
The Details
Here are the activity change figures, for November, for applicants in five different age groups:
- Ages zero-30: -1.2%
- Ages 31-50: +1.2%
- Ages 51-60: -1.3%
- Ages 61-70: -1.8%
- Ages 71 and older: +0.3%
Here’s how activity changed for three different types of life insurance products:
- Universal life: +7.9%
- Term life: +7.3 %
- Whole life: -13.7%
MIB notes that whole life activity was weak for applicants of all ages.
