Consumers Went Shopping for Life Insurance in January

By Allison Bell

News February 08, 2024 at 02:15 PM

Share & Print

MIB life insurance application checking systems stayed busy in January.

The number of applications flowing through the systems was 4.7% higher last month than in January 2023, the Braintree, Massachusetts-based group reports.

The January increases follow a 6.5% year-over-year increase in December.

MIB helps life insurers in the United States and Canada share some of the information used in the underwriting process. It bases life application index figures on its systems' processing volume, rather than on an issuer survey or issuer financial reports.

Age breakouts: Here's how U.S. life application activity changed between January 2023 and the latest month for five age groups:

Ages 0-30: +1.8%
Ages 31-40: +8.6%
Ages 51-60: +1.7%
Ages 61-70: +0.6%
Ages 71 and older: +5.6%

Coverage costs: Policygenius, a web broker, publishes monthly price charts based on the prices that term life issuers offer their customers.

The lowest price is for a 25-year-old female nonsmoker who needs $250,000 in death benefits. The highest price is for a 60-year-old male smoker who needs $1 million in death benefits.

The cost for the young, female nonsmoker held steady at $14.36, and the cost for the 60-year-old male smoker held steady at $1,621.83.

Credit: Adobe Stock

NOT FOR REPRINT