Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor
Percent sign

Life Health > Life Insurance

U.S. Life Activity Rises, for Most Age Groups

By Allison Bell

X
Your article was successfully shared with the contacts you provided.

Life insurers had a complicated relationship with applicants in October.

Application activity for individual coverage increased some for people ages 50 and younger, and it increased a lot for people ages 71 and older, according to activity data from MIB Group.

For people ages 61 through 70, activity increased a little. For people ages 51 through 60, it fell 3.6%.

MIB, a Braintree, Massachusetts-based consortium that helps insurers share underwriting data, showed the age-related variations in activity in a new report based on the number of applications flowing through its own application-checking systems.

Overall activity increased 3.4% between October 2022 and October 2023. In September, activity fell 2.6%, year-over-year.

When broken down by product type, and by age together with product type, MIB application activity trends also varied widely. For people ages 71 and older, for example, whole life activity increased by more than 10%.

What it means: The numbers suggest that, in October, clients and life insurers may have had a wide range of ideas about the best way to move forward.

Age breakouts: Here are the MIB year-over-year activity change figures for October, broken down by age group.:

  • Ages 0-30: +5.8%
  • Ages 31-50: +5.3%
  • Ages 51-60: -3.6%
  • Ages 61-70: +0.6%
  • Ages 71 and older: +9.1%

Premiums: Policygenius, a web broker, compiles term life price index tables based on the rates offered by the insurers on its provider menu.

The prices in the index tables range from the average monthly premiums for a 25-year-old female nonsmoker who needs $250,000 in death benefits up to the average monthly premiums for a 55-year-old male smoker who needs $1 million in death benefits.

This month, the cost for the 25-year-old female nonsmoker seeking $250,000 in coverage was $14.59, up from $14.20 in November 2022.

The cost for the 55-year-old male smoker seeking $1 million in coverage fell to $1,006.88, from $1,011.93.

Credit: Adobe Stock

Allison Bell

Think_Allison

NOT FOR REPRINT

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