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May 07, 2018 at 06:37 PM
MIB Group Inc. says overall life insurance application activity was 2.1% lower in April than it was in April 2017.
The decrease followed a big gain in March. In March, the overall MIB activity level was 6.7% higher than in March 2017.
(Related: What Happened to Life Application Activity in March Might Shock You)
Activity fell in April for all three of the age groups that MIB tracks, but the rate of decline for each age group was lower.
- For people ages 0 to 44, activity fell 2.3%.
- For people ages 45 to 59, activity fell 2.5%.
- For people ages 60 and older, activity fell 0.6%.
MIB is a Braintree, Massachusetts-based insurance industry group that collects data that life insurers can use to screen applications for life insurance and other forms of insurance for evidence of errors, or fraud. Issuers feed about 90% of medically underwritten applications through MIB systems.
MIB noted last month that the increase reported for March was probably at least partly due to a quirk in the calendar.
