U.S. application activity for individually underwritten life insurance was flat this past May at 0.2% year-over-year all ages combined, according to the MIB Life Index (SM). Strength in the fourth quarter of 2009 in the U.S. Life Index, has given way to fluctuating gains and losses exhibited in the first five months of 2010. May’s application activity was off 4.9% from that of April — consistent with seasonal norms. Year-to-date, individual application activity for the industry remains positive at 0.6%.
U.S. application activity by age group for May: ages 0-44, off -3.7%; ages 45-59, up +2.1%; and ages 60+ up +12.1% year-over-year. “Continued growth among middle age applicants in all but 4 of the past seventeen months is a positive sign for the industry, as premium dollars for life insurance successfully compete against other investments for this peak earning demographic,” states Stacy J. Gill, MIB Solutions’ Executive Vice President.