Activity increased the most for young
consumers.
(Credit: MIB)
Maybe COVID-19 has educated younger consumers
about the value of life insurance.
U.S. life insurance application activity was
5.2% higher in May than in May 2019, according to MIB’s new application
activity report.
The Braintree, Massachusetts-based life
insurer consortium says overall application activity climbed even more for
consumers in the youngest of the three age groups the MIB tracks.
Here are the MIB activity numbers for each age
group for May:
·
Ages
0-44: 7.1%
·
Ages
45-59: 6.9%
·
Ages
60 and older: -1.9%
MIB helps life insurers share information used
in underwriting. MIB bases its life application activity figures on MIB
database usage data.
Resources
The overall MIB activity index rose 5.6% in
February, then fell 2.2% in March, and 3% in April.
MIB analysts are shying away from drawing firm
conclusions about the life market from the May activity numbers.
“As carriers and agents adjust to the new
normal and society returns, we remain cautious about identifying any trends
given the impact of the COVID-19 exogenous event,” MIB says in a comment on the
new numbers.
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