U.S. Life Insurance Activity Off 3.0% in April Reports the MIB Life Index

Divergent Buyer Behavior Emerges During COVID-19 Pandemic

Braintree, MA. (May, 12, 2020) — U.S. life insurance application activity was down 3.0% YOY in April, according to the MIB Life Index. This is the second consecutive month of decline for the Index. On a monthly basis, April is showing diminished activity from historical April volumes due to COVID-19. Application activity in April was off -5.5% from that of March showing improvement in activity versus the February to March time period. Year-to-date the MIB Life Index remains above par at 0.6%, but is well off its YTD peak of 4.0% at February 2020’s close.
Life Index Chart
April’s Life Index age groups patterned much as they did in March with younger buyers, ages 0-441 off -0.7%; ages 45-59 showed improvement from March, off -2.4%; and ages 60+ showed further declined, off -9.7% YOY. April’s age groups distinctly display pandemic purchasing preferences with the slight dip in younger ages showing a greater comfort with online life insurance purchases and sharp dip in older buyers (60+) show the impact of COVID-19 on face-to-face sales and product changes at carriers. Ages 60+ led all other age groups in YOY application activity in 2019. Year-to-date, ages 0-44 are up 2.4%, ages 45-59 are off -1.1% and ages 60+ are off -1.7%.

The Life Index Year-in-Review video captures 2019 trends and early 2020 projections: bit.ly/2019LifeIndexVideo.
Login to the Enhanced Life Index Portal to download our 2019 and past MIB Life Index Annual Reports at no charge. Portal Registration www.mibsolutions.com/regLI.



1 The largest segment of the overall MIB Life Index at 54.3%, 2019.

Monthly Percent Change
Composite Index
(year-over-year)

Apr-20 -3.0%
Mar-20 -2.2%
Feb-20 5.6%
Jan-20 2.5%
Dec-19 -3.3%
Nov-19 6.0%
Oct-19 1.4%
   
YTD - 2020
1.8%
YTD - 2019
0.4%
Q1-2020
1.8%
Q4-2019
1.3%
Q3-2019
-0.3%
Q2-2019
1.5%
Q1-2019
-1.0%



U.S. Monthly Percent
Change
vs Prior Month


Apr.

-5.5%


% Change
Age Groups
(year-over-year)




0-44



45-59



60+
Apr-20
-0.7%
-2.4%
-9.7%
Mar-20
0.3%
-4.2%
-6.2%
Feb-20
7.0%
2.6%
6.4%
Jan-20
3.4%
0.1%
3.4%
YTD 2020
2.4%
-1.1%
-1.7%
Dec-19
-4.2%
-3.8%
-0.1%
Nov-19
4.6%
7.2%
8.2%
Oct-19
-0.4%
0.9%
6.9%





Monthly Percent Change
Composite Index
(year-over-year)

Apr-20 -3.0%
Mar-20 -2.2%
Feb-20 5.6%
Jan-20 2.5%
Dec-19 -3.3%
Nov-19 6.0%
Oct-19 1.4%
   
YTD - 2020
YTD - 2019
0.6%
0.4%
Q1 - 2020 1.8%
Q4 - 2019 1.3%
Q3 - 2019 -0.3%
Q2 - 2019 1.5%
Q1 - 2019 -1.0%

 


U.S. Monthly Percent
Change
vs Prior Month


Apr.

-5.5%

% Change
Age Groups
(year-over-year)




0-44



45-59



60+
Apr - 20
-0.7%
-2.4%
-9.7%
Mar - 20
0.3%
-4.2%
-6.2%
Feb - 20
7.0%
2.6%
6.4%
Jan - 20
3.4%
0.1%
3.4%
YTD 2020
2.4%
-1.1%
-1.7%
Dec - 19
-4.2%
-3.8%
-0.1%
Nov - 19
4.6%
7.2%
8.2%
Oct - 19
-0.4%
0.9%
6.9%

 

 

 

 

2019 Life Index Year-in-Review Video

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