Braintree, MA. (September 14, 2016) — U.S. application activity for individually underwritten life insurance fell slightly in August, off -1.3% year-over-year, all ages combined, according to the MIB Life Index. The year-to-date (YTD) index value remains on par with values observed in 2008 for the same eight month period (last previous high). August’s modest monthly decline is the first in 2016 and comes at summer’s close, typically a slow seasonal period for the Life Index. Year-to-date, the MIB Life Index is up 2.7% August YTD 2016/2015, matching the growth experienced August YTD 2015/2014. Application activity was off -0.7% from that of July, displaying typical seasonality.
U.S. life insurance application activity lost ground across the younger ages, with only the 60+ age group holding ground. Ages 0-44 was off -0.9%, ages 45-59 was off -3.2%, and ages 60+ was flat at 0.3%, year-over-year. Year-to-date August, ages 0-44 remains the leading age group for life insurance applications up 3.7%, ages 45-59 are up 0.9%, and ages 60+ are up 2.4%, compared to the same eight months last year.