Life insurers had a complicated relationship with applicants in October.
Application activity for individual coverage increased some for people ages 50 and younger, and it increased a lot for people ages 71 and older, according to activity data from MIB Group.
For people ages 61 through 70, activity increased a little. For people ages 51 through 60, it fell 3.6%.
MIB, a Braintree, Massachusetts-based consortium that helps insurers share underwriting data, showed the age-related variations in activity in a new report based on the number of applications flowing through its own application-checking systems.
Overall activity increased 3.4% between October 2022 and October 2023. In September, activity fell 2.6%, year-over-year.
When broken down by product type, and by age together with product type, MIB application activity trends also varied widely. For people ages 71 and older, for example, whole life activity increased by more than 10%.
