Older Consumers Keep Shopping for Life Insurance

Link: https://www.thinkadvisor.com/2022/03/10/older-consumers-keep-shopping-for-life-insurance/


Older U.S. consumers were out shopping for life insurance policies in February.

Application activity for shoppers ages 71 and older was 4.2% higher last month than in February 2021, as theĀ overall level of individual application activity dropped 3.8%, according to MIB.

MIB is a Braintree, Massachusetts-based group that helps life insurers share some of the information used in life insurance underwriting. It uses its own application-checking volume data to provide an early look at life insurance shopping activity.

MIB figures reflect the performance of part of the retirement planning market as well as of the protection life insurance market, because many of the applicants expect to use their policies to provide cash in retirement, or to support long-term care plans.

Author(s): Allison Bell

Publication Date: 10 Mar 2022

Publication Site: Think Advisor

U.S. Life Insurance Activity Declines YOY in February, but at Growth Compared to 2020 and 2019

Link: https://www.mibgroup.com/resources/life-index-reports/feb-2022-us-life-index/



U.S. life insurance application activity declined in February 2022 compared to February 2021, with Year-over-Year (YOY) activity down -3.8%, representing the third consecutive month with YOY declines. On a Year-to-Date (YTD) basis, activity is down -4.3%. However, when taking a historical lookback, comparing February 2022 activity to the same month in 2020 and 2019, YOY growth was +3.2% and +4.8% and YTD growth was +1.0% and +2.3%, respectively. On a Month-over-Month (MOM) basis, February showed improvements, posting the second consecutive MOM gain with +7.0% activity.

Publication Date: 8 Mar 2022

Publication Site: MIB Group