Young People Driving Huge Life Insurance Application Gains: MIB

With a 4% growth rate for the year to date through the third quarter, life insurance application activity has "returned to pre-pandemic normal levels," according to the MIB Life Index.

The third quarter experienced the largest quarter-over-quarter gain since 2011 at 9.2%, MIB said, driven primarily by 12.8% growth in 0-44 age group and 9.2% growth in 45-59 age group.

Following record growth in July and August, September experienced the largest year-over-year gain since 2011 at 4.4%, with activity from August to September relatively flat (up 0.4%).

Growth patterns were consistent in Q3 as the under-44 age group continues to drive growth, MIB reported. In contrast, the over-60 age group has continued to show minor declines since the beginning of the COVID-19 pandemic, with the exception of a leap in July that transcended all age groups.

September's year-over-year application activity was up 7.2% for ages 0-44 and up 4.6% for ages 45-59, while ages 60+ was off -2.5%.