April’s Life Index age groups patterned much as they did in March with younger buyers, ages 0-44 off -0.7%; ages 45-59 showed improvement from March, off -2.4%; and ages 60+ showed further declines, off -9.7% year-over-year.
April’s age groups distinctly display pandemic purchasing preferences with younger ages showing a greater comfort with online life insurance purchases, MIB said. There was a sharp dip in older buyers (60+), showing the impact of COVID-19 on face-to-face sales and product changes at carriers.
Ages 60+ led all other age groups in YOY application activity in 2019. Year-to-date, ages 0-44 are up 2.4%, ages 45-59 are off -1.1% and ages 60+ are off -1.7%.