Consumers 71 and older continued to purchase more insurance than any other age group
Consumer applications for life insurance in the United States decreased 7.7% year over year in July, according to a report on activity from MIB Group that was made public last week.
Activity was flat compared to July 2020, when a coronavirus-related increase occurred, and was down 13% from that month. This could mean that policy purchases are back to more-or-less typical levels.
Applications decreased by 6.3% from a year earlier and were flat for the two years prior, following a similar pattern for the entire year. According to MIB Group, the decrease in activity in July over June was 7.3% and was consistent with seasonal averages.
While younger applicants' purchases decreased, those made by consumers 71 and older continued to surpass all other age groups, growing by 1.3% in July.
The report found that all other face amounts decreased for the year through July, except for face amounts of more than US$5 million, which remained steady.
While all face sums experienced decreases year over year, those of US$5 million and more plunged by double digits.
Consumers 71 and older increased their face amounts up to US$250,000 in July, while all other categories went through double-digit reductions.
All product categories showed year-over-year drops in activity in July, with term life seeing a 6% decline, universal experiencing a 5.6% decline, and whole experiencing a 16.2% decline.