The U.S. individual life insurance market was a complicated place in April.
Overall, application activity fell 1.4% from the level recorded in April 2022, and the number of applications from people ages 51 and older for all kinds of major coverage types dropped, according to new MIB Group data.
But, for applicants ages 50 and younger, application activity held steady for term life; grew a little for whole life; and climbed more than 10% for universal life.
What It Means
The jumbled life insurance application trends picture reflects the effects of economic turmoil and new batches of U.S. mortality data on what life insurers are trying to sell to your clients, how they are trying to distribute it, and what prices they're charging.
Clients need skilled financial professionals to figure out which carriers are offering the best deals to which types of applicants.
MIB
Life insurers created MIB to share some of the information used in the life insurance application underwriting process.
The Braintree, Massachusetts-based organization's monthly application activity index report is based on the number of applications moving through its own systems.
