U.S. individual life insurance application activity continued to be stronger for younger consumers than for older consumers in August, and the overall level of year-over-year change was an increase of 1.8%, according to MIB Group.
MIB is an organization that helps life insurers with the underwriting process. It uses its application processing activity levels to compile monthly application level statistics.
In July, overall application activity was 0.6% lower than in July 2022.
Here are the year-over-year activity change figures for August, broken down by age:
- Ages zero-30: +5.6%
- Ages 31-50: +5.0%
- Ages 51-60: -3.0 %
- Ages 61-70: -5.8%
- Ages 71 and older: -2.9%
Details
MIB notes that people ages 50 and younger applied for more term life and more universal life in August.
