U.S. Life Insurance Activity Soars in July Reports the MIB Life Index

Record Growth Dominates Virtually Every Category

Braintree, MA. (August 7, 2020) — After sharp submission declines earlier in the year, U.S. life insurance application activity has come back vigorously, up 14.1% in July YOY, according to the MIB Life Index. The most expansive YOY growth for a July on record, this month’s results show a significant demand matched by a resilient industry that has successfully adjusted to how business is acquired and underwritten. July’s application activity grew 4.0% over June’s numbers, the first positive MOM change in the same timeframe since the inception of the MIB Life Index, and showcased double digit growth in all product lines on a YOY basis. At month end close, the composite MIB Life Index is up 3.2% YTD through the end of July.
Life Index Chart
Below age 60 life insurance buyers showed unprecedented growth with applicants’ ages 0-44 up 18.9%, and those ages 45-59 up a healthy 12.9% YOY in July. Ages 60+ rose 4.0% YOY. Year-to-date, applicants ages 0-44 are up 5.5%, those 45-59 are up 2.2% and applicants ages 60+ are off -1.4% YTD. Submissions for older age applicants 60+ have lagged all year, off -4.8% in the first seven months of 2020.

July also recognized a YOY increase of 28% or higher for face amounts of $5M+ with applicants over age 60. Face amounts of $1M-$5M did not see favorable results YOY with ages over 50, noticing a -5% or greater decline in these mid-level banding ranges. Life Index Chart



MIB’s COO presents the industry’s results for the first two quarters of 2020 in the MIB Life Index At The Half video. Login to the Enhanced Life Index Portal to download our 2019 MIB Life Index Annual Report at no charge or register to view the entire archive at www.mibsolutions.com/regLI.



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

Jul-20 14.1%
Jun-20 1.2%
May-20 5.2%
Apr-20 -3.0%
Mar-20 -2.2%
Feb-20 5.6%
Jan-20 2.5%
   
YTD - 2020
3.2%
YTD - 2019
0.4%
Q2-2020
1.0%
Q1-2020
1.8%
Q4-2019
1.3%
Q3-2019
-0.3%
Q2-2019
1.5%



U.S. Monthly Percent
Change
vs Prior Month


Jul

4.0%


% Change
Age Groups
(year-over-year)




0-44



45-59



60+
Jul-20
18.9%
12.9%
4.0%
Jun-20
3.7%
1.3%
-5.5%
May-20
7.1%
6.9%
-1.9%
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
5.5%
2.2%
-1.4%





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

Jul-20 14.1%
Jun-20 1.2%
May-20 5.2%
Apr-20 -3.0%
Mar-20 -2.2%
Feb-20 5.6%
Jan-20 2.5%
   
YTD - 2020
YTD - 2019
3.2%
0.4%
Q2 - 2020 1.0%
Q1 - 2020 1.8%
Q4 - 2019 1.3%
Q3 - 2019 -0.3%
Q2 - 2019 1.5%

 


U.S. Monthly Percent
Change
vs Prior Month


July

4.0%

% Change
Age Groups
(year-over-year)




0-44



45-59



60+
Jul - 20
18.9%
12.9%
4.0%
Jun - 20
3.7%
1.3%
-5.5%
May - 20
7.1%
6.9%
-1.9%
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
5.5%
2.2%
-1.4%

 

 

 

 

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