U.S. life insurance application activity was up 2.5% year to year in January, predominantly led by younger age buyers. This is according to the MIB Life Index.
The January Index puts an optimistic spin on life insurance application volume after an uninspiring 2019 YTD (+0.4%), according to the Index. This sets a January index level not seen since 2016. January’s activity was up 7.3% from that of December, in an unprecedented jump for a January M/M.
All the MIB Life Index age groups showed growth in January, with life insurance application activity ages 0-44 up 3.4%, ages 45-59 flat at 0.1%, and ages 60+ up 3.4%. As the largest segment of the composite Index, ages 0-44 had the greatest impact, while ages 60+ seemed to put the brakes on a bit, after 2019’s 10.1% year-end growth.