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