MIB Group Inc. says life insurance application activity for U.S. consumers under the age of 45 increased more in October, year-over-year, than in any other month since July 2016.
MIB — a Braintree, Massachusetts-based insurance applicant data collection group — breaks consumers down into three age groups: ages 44 and younger; ages 45 to 59; and ages 60 and older.
Life application activity for people in the youngest age group was 1.4% higher in October than it was in October 2016. That compares with a year-over increase of 1.1% for consumers under 45 in September.
(Related: Young Consumers' Life Activity Rises: MIB)
Although activity for young applicants increased, activity for people in the mddle age group fell 2.6%, year-over-year, in October, and activity for people in the oldest age group 1.7%.
The overall level of application activity was 0.2% lower in October than in October 2016. The 0.2% year-over-year decrease was the industry's best performance since December 2016, when overall activity increased 0.3%.
