U.S. individual life insurance application activity looked healthier in January, according to new MIB Group survey data.
The insurance data-sharing consortium saw the number of applications flowing through its application-checking systems increase 8.6% from the number recorded in January 2022.
In 2022, the MIB life application activity indicator fell 5.5%, partly because consumer fear of the COVID-19 pandemic made 2021 a boom year for life sales.
The hottest product was universal life — a type of policy often used to accumulate assets, not just to protect beneficiaries against the death of the insured. Universal life application flow was up 21% last month, year over year.
Some of the same forces increasing client interest, such as higher interest rates and fear of investment market volatility, might be promoting use of universal life insurance.
Activity by Age
Here are the activity change figures, for January, for applicants in five different age groups:
- Ages zero-30: +14.1%
- Ages 31-50: +8.6%
- Ages 51-60: +4.0%
- Ages 61-70: +6.1%
- Ages 71 and older: +8.8%