After pandemic-related declines in March thru April, U.S. life insurance application activity rose for the second consecutive month, up 1.2% in June year over year, according to the MIB Life Index.
Despite the initial quarantine period straddling both the first and second quarters of 2020, the second quarter finished up 1% YOY, with the first quarter showing 1.8% YOY gains.
At the close of the second quarter, the composite MIB Life Index is up 1.5% for the year. June’s application activity was off -1.7% from that of May, a time period where gains and losses have been historically mixed, MIB reported.
Below age 60 life insurance buyers led once again but at a slowing pace compared to May. June’s application activity: ages 0-44 were up 3.7%; ages 45-59 were up 1.3%; and ages 60+ were off -5.5% year over year.
At the close of the second quarter, year-to-date application activity for ages 0-44 remained consistent from last month, up 3.4%; ages 45-59 were up 0.5%; and ages 60+ were off -2.3%.