U.S. life insurance application activity increased 5.6% year-over-year in February, according to the MIB Life Index, fueled by a 7% increase among younger buyers.
Younger buyers, which MIB classified as up to age 44, posted a two-month comeback from 2019’s -3.3% decline, leading all other age groups in the February results.
February’s overall 5.6% increase from that of January represents an increase not seen for this period in the composite index since 2015, MIB noted in a news release. January’s activity was up 7.3% from that of December, in an unprecedented jump for a January.
At February’s close, the composite MIB Life Index is up 4% year-to-date.
All three MIB Life Index age groups showed gains in February: Life insurance application activity ages 0-44 was up 7%; ages 45-59 gained 2.6%; and ages 60+ was up 6.4%.
Younger buyers make up 54.2% of the index, clearly driving February’s composite, the release stated. Ages 60+ continues its upward rise, albeit at a somewhat lesser pace.
The impact of the coronavirus is unknown at this time, but "it is anticipated to show up in the next few months," the MIB release cautioned.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.
© Entire contents copyright 2019 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.