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Life Health > Life Insurance > Term Insurance

U.S. Life Application Activity Levels Off: MIB

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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 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.

Term life activity was strong for people younger than 71 and down for people ages 71 and older.

Universal life activity was strong for applicants of all ages, and especially for applicants ages 0 through 30.

The Policygenius Price Index

Policygenius, a web broker, has been using pricing information for the 20-year, level-premium term life policies it sells online to provide a monthly term life price index.

The cheapest coverage included is for a 25-year-old female nonsmoker who needs $250,000 in death benefits, and the most expensive is for a 55-year-old male smoker who needs $1 million in death benefits.

This month, the lowest price in the Policygenius price tables, for the 25-year-old female nonsmoker seeking just $250,000 in coverage, fell to $14.19, from $14.20 in November.

The highest price, for the 55-year-old male smoker seeking $1 million in coverage, held steady at $1,011.93.

(Image: Adobe Stock)


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