U.S. application activity for individually underwritten life insurance was down 0.8 percent in November year-over-year, all ages combined.
MIB Group Inc., Braintree Mass., published the finding in its MIB Life Index, a measure of life insurance application activity in the US. Released monthly, the index is based on the number of searches MIB life member company underwriters perform on the MIB Checking Service Database.
Due to strong performances in seven out of the last eleven months, application activity for 2012 remains up 1.6 percent. The robust number puts activity on pace to have the strongest close in the last five years.
November activity was, however, down 3.0 percent from October levels due to what MIB Group believes is a combination of Hurricane Sandy and apprehension in estate planning due to the uncertainty over US tax policy.
Life insurance activity was flat across the youngest age groups and lost ground in the middle age groups during November.
Ages 0-44 was down 0.2 percent; Ages 45-59 was down 2.2 percent; and ages 60 and up was down 0.2 percent, year-over-year.
Although a growth surge for 0-44 and 45-59 age groups in 2012 has been tempered in the second half of the year it remains positive, up 1.1 percent and 0.6 percent respectively. Age 60 and up is up 5.0 percent year to date although it lost a little steam from 8.0 percent it was up in May.