Life Insurance Applications Up Sharply In June, MIB Reports

From Wire Reports

U.S. life insurance application activity rose 3.3% in June year over year, nudging the MIB Life Index above par on a year-to-date basis for the first time since last February.

June's performance was the strongest monthly percent gain of 2019, ending the third consecutive month of slowly increasing year-over-year activity in what was an uneven first six months of 2019, MIB said in a news release.

At the close of the second quarter 2019, the MIB Life Index composite is up 0.2% for the year. Second-quarter activity was up 1.5% overall over 2Q 2018, offsetting a first-quarter -1.0% decline (compared to 1Q 2018). June's application activity was up 2.2% from that of May.

Older age life insurance buyers once again predominated, MIB said. While still negative at the close of 2Q, application activity ages 0-44 continued to show improvement and ages 45-59 stepped up a bit in June.

Application activity ages 0-44 were off -1.3%, ages 45-59 were up 4.1%, and ages 60+ were up 15.6% for June year over year. At the second quarter's close, year-to-date application activity ages 0-44 was off -4.5%, ages 45-59 rose 1.2%, and ages 60+ surged 12.9%.