Braintree, MA. – (August 9, 2010) U.S. application activity for individually underwritten life insurance declined -3.9% in July year-over-year, all ages combined, according to theMIB Life Index (SM). July marks the second consecutive month of declining application activity in a year mixed with monthly gains and losses. Year-to-date U.S. application activity is off less than one percentage point at -0.6%. July’s activity was off -4.7% from June levels; a decrease consistent with trends for this time period.
The U.S. MIB Life Index by age group for July showed ages 0-44, off -7.4%; ages 45-59, off -2.8%; and ages 60+, up +7.0% year-over-year. After ten consecutive months of growth starting in June 2009, application activity the ages 45-59 demographic continues to wane for the second straight month. The 60+ age group continues to grow, albeit at a more measured pace this summer. July marks the second consecutive month of single digit growth.
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