Life Insurance Growth Trend Moderates In April
Braintree, MA. (May 9, 2016) — The growth trend in U.S. application activity for individually underwritten life insurance showed signs of restraint in April, up 1.0% year-over-year, all ages combined, according to the MIB Life Index. With only one exception, April’s results mark nearly two-years’ expansion for the composite MIB Life Index. Once again, life insurance application activity ages 0-44 continued to lead the pack. April’s activity was off -6.9% from that of March, consistent with seasonal trends for this time period.
For the first time since September 2015, application activity was mixed across the age groups. Ages 0-44 applications remained positive up 2.6%, ages 45-59 were off -0.8%, and ages 60+ were off -0.6%, year-over-year. Younger age applicants (ages 0-44), the largest component of the MIB Life Index, has led all other age groups for a year—a marked shift away from a market previously dominated by older age consumers. Year-to-date, life insurance applications ages 0-44 are up 5.8%, ages 45-59 are up 2.4% and ages 60+ are up 2.5% as compared to the prior year.
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