By the MIB Life Index – December 11, 2018
Many young Americans turned their backs on the life insurance market in November. The number of Americans 44 and younger who applied for coverage last month was 9.4% lower than in November 2017, according to new data from MIB. The drop in November follows a 7.3% year-over-year drop for the 44-and-under age group in October. Life insurance application activity was off 4.7% year-over-year. Confirming a demographic shift in purchasing, older age life insurance activity showed its strongest divergence yet from the 0-44 age group in November. The long-term trend shows the Index stable across the first three quarters of 2018, only to show weakness in Q4. November activity was up 6.4% over that of October as insurers head toward year-end closing.
Ages 60+ life insurance application activity solidly led all others, up 7.2% in November year-over-year; ages 45-59 were down 2.4%; and ages 0-44 were down sharply, 9.4%, year-over-year. Year-to-date, ages 0-44 are off 2.2%; ages 45-59 are off 0.7%; and ages 60+ gained ground: up 2.8%, YTD Y/Y. Month-over-month activity all showed healthy gains from prior October with 0-44 up 7.4%; 45-59 up 8.6%; and ages 60+ up 0.7%.
Life Index Composite and Age Groups
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