— May 8, 2023 —
Published in LIFE INSURANCE
on ThinkAdvisor.com
Written by Allison Bell
Younger Life Applicants Had a Busy April. Applicants ages 51 and older: Not so much.
The U.S. individual life insurance market was a complicated place in April.
Overall, application activity fell 1.4% from the level recorded in April 2022, and the number of applications from people ages 51 and older for all kinds of major coverage types dropped, according to new MIB Group data.
But, for applicants ages 50 and younger, application activity held steady for term life; grew a little for whole life; and climbed more than 10% for universal life.
The jumbled life insurance application trends picture reflects the effects of economic turmoil and new batches of U.S. mortality data on what life insurers are trying to sell… how they are trying to distribute it, and what prices they’re charging.
Here are the activity change figures, for April, for applicants in five different age groups:
- Ages zero-30: +1.6%
- Ages 31-50: +1.7%
- Ages 51-60: -4.9%
- Ages 61-70: -7.8%
- Ages 71 and older: -9.4%
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