After pandemic-related declines in March thru April, U.S. life insurance coverage application activity increased for the 2nd successive month, up 1.2%in June year over year, according to the MIB Life Index. In spite of the initial quarantine period straddling both the first and 2nd quarters of 2020, the 2nd quarter finished up 1%YOY, with the very first quarter revealing 1.8%YOY gains. At the close of the 2nd quarter, the composite MIB Life Index is up 1.5% for the year. June’s application activity was off -1.7%from that of Might, a time period where gains and losses have been traditionally mixed, MIB reported.
Listed below age 60 life insurance coverage buyers led when again but at a slowing rate compared to May. June’s application activity: ages 0-44 were up 3.7%; ages 45-59 were up 1.3%; and ages 60+ were off -5.5% year over year.
At the close of the 2nd quarter, year-to-date application activity for ages 0-44 stayed consistent from last month, up 3.4%; ages 45-59 were up 0.5%; and ages 60+ were off -2.3%.