Life insurance application activity jumped shot up 9.1% in August in a year-over-year comparison by MIB Life Index.
On the heels of a record-setting July, the August data represents the biggest gain on record for the month, MIB said in a news release. Strong July activity put August’s activity -1.2% behind that of the prior month.
At August’s close, the MIB Life Index is up 3.9% year to date.
U.S. age groups remained consistent as those of July with applicants under age 60 showing unprecedented year-over-year growth in August: ages 0-44 up 12.4%; ages 45-59 up 10.1%; and ages 60+ off slightly -0.3%.
Year-to-date, applicants ages 0-44 are up 6.3%; ages 45-59 are up 3.2%; and applicants ages 60+ are off -1.3%. Submissions for older age applicants 60+ continue to lag as they have in the previous six months of 2020, the release said.