By John Hilton
March 11, 2020
U.S.
life insurance application activity increased 5.6% year-over-year in February,
according to the MIB Life Index, fueled by a 7% increase among younger buyers.
Younger
buyers, which MIB classified as up to age 44, posted a two-month comeback from
2019’s -3.3% decline, leading all other age groups in the February results.
February’s
overall 5.6% increase from that of January represents an increase not seen for
this period in the composite index since 2015, MIB noted in a news release.
January’s activity was up 7.3% from that of December, in an unprecedented jump
for a January.
At
February’s close, the composite MIB Life Index is up 4% year-to-date.
All
three MIB Life Index age groups showed gains in February: Life insurance
application activity ages 0-44 was up 7%; ages 45-59 gained 2.6%; and ages 60+
was up 6.4%.
Younger
buyers make up 54.2% of the index, clearly driving February’s composite, the
release stated. Ages 60+ continues its upward rise, albeit at a somewhat lesser
pace.
The
impact of the coronavirus is unknown at this time, but "it is anticipated
to show up in the next few months," the MIB release cautioned.
InsuranceNewsNet
Senior Editor John Hilton has covered business and other beats in more than 20
years of daily journalism. John may be reached at john.hilton@innfeedback.com.
Follow him on Twitter @INNJohnH.
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