Life insurance filings see "unprecedented" rise in July

Oct 06, 2011

Life insurance applications saw a large increase in July.

The MIB Life Index said applications filed for individually underwritten life insurance went upabout 2.1 percent in July, which the company called an "unprecedented" increase for the month.

Growth is largely a result of the poor number reported in July 2010, MIB said, as applications among all ages fell 3.9 percent. Bob Graham writes on IFA Web News' website that "after several sluggish years, any signs of growth are welcomed eagerly by life insurers and agents."

The updated MIB Life Index shows that four of the last seven months have experienced growth, although the first seven months of total activity is down slightly compared to last year. Even so, MIB said four of seven months have shown increases for people ages 45 to 59.

All age groups have seen increases, with ages 0 to 44 up 0.2 percent, 45 to 59 up 1.4 percent and 60 and over up 9.3 percent, according to the July report. The Life Index shows that the 60 and up group has seen steady improvements over the past few months, up 5.7 percent in May and 8.1 percent in June.

MIB said the Life Index is the industry's timeliest measure of application activity in the United States.

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