Under-60 crowd not pulling their weight with life insurance applications
April 17, 2019 by Insurance Forums Staff
Overall U.S. life insurance application activity slowed in March, with the composite Index falling -4.9%, YOY, according to the latest edition of the MIB Life Index. For the first quarter, the MIB Life Index is off -1.0% versus Q1 2018.
MIB says the declines are due in large part to younger buyers, who account for 53% of the total Life Index, staying away from the market, while older buyers are doing their best to boost activity.
When broken down into activity by age groups, March application activity 0-44 was off -9.1% YOY, ages 45-59 were off -4.5% YOY, and ages 60+ were up 7.6% YOY. At the end of Q1 2019, activity ages 0-44 are off -6.1%, ages 45-59 are up 0.5%, and ages 60+ are up 12.6% YTD. Application activity ages 60+ are showing their first double-digit quarterly growth in nearly a decade.
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