Applications for individually underwritten life insurance declined for the second consecutive month in February, according to new research.
MIB Group Inc., Braintree, Mass., discloses this finding in the March release of its MIB Life Index, a monthly measure of application activity in the U.S. The index is based on the number of searches MIB life member company underwriters perform on the MIB Checking Service database.
The index indicates that application activity for individually underwritten life insurance fell 4.5 percent in February (year-over-year). The dip follows a year-over-year 2.3 percent decline in January, yielding a year-to-date decline of 3.5 percent.
The year-over-year U.S. monthly percentage changes in February by age group were as follows:
● 0-44: -3.9 percent
● 45-59: -6.2 percent
● 60-plus: -3.3 percent
The monthly percentage changes for these same age groups in January were:
● 0-44: -1.7 percent
● 45-59: -3.2 percent
● 60-plus: -2.6 percent.
In December of 2012, application activity edged up 0.5 percent and 1.5 percent for the 0-44 and 60-plus age groups, but dipped 0.6 percent for applicants between the ages of 45 and 59.
A press statement from MIB Group observes, however, that index values application volumes in February 2013 compare favorably to those in February 2011.