MIB Group Inc. says U.S. individual life insurance application activity was 2.6% lower in July than it was in July 2016.
The Braintree, Massachusetts-based organization says activity fell 0.4% for consumers ages 0 to 44, but increased 4.5% for consumers ages 60 and older.
Activity dropped 5.7% for consumers ages 45 to 49.
Life insurers use MIB systems to verify the information consumers give on more than 90% of life insurance applications submitted in the United States and Canada.
The drop in MIB activity occurred in spite of reports of strong sales of indexed universal life insurance.
— Read Life Insurers Face Steep Q1 Activity Drop: MIB on ThinkAdvisor.
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