Life Insurance Application Activity Rises
December 6, 2017 by Allison Bell
MIB Group Inc. has found a sign that U.S. individual life insurance sales could be starting to recover.
The Braintree, Massachusetts-based industry consortium says life insurance application activity for U.S. consumers of all ages was 1.2% higher in November than it was in November 2016.
Activity for consumers ages 45 to 59 fell 1%, year-over year.
But activity for consumers ages 60 and older rose 0.9%, and activity for consumers ages 0 to 44 rose 2.3%.
In October, the overall MIB activity index fell 0.2%, year-over-year, but activity levels for people under 45 have improved most months since February.
“Producers’ usual year-end sales push” could lead to more activity gains in December, according to MIB analysts.
MIB has posted a copy of its latest application activity report here.
MIB stores data that life insurers can use to verify the information consumers put on applications for life insurance, disability insurance and other medically underwritten products.
Issuers feed about 90% of those medically underwritten applications through MIB screening systems, according to MIB.