U.S. particular person life insurance coverage utility exercise was 6.4% decrease in June than in June 2023, in accordance with MIB Group.
The life insurance coverage group says exercise for folks ages 71 and older elevated 3.4% and that the variety of complete life functions they submitted elevated greater than 10%.
Exercise for members of all different age teams fell, year-over 12 months.
In Could, the index fell 0.6%.
What it means: The outcomes might be an indication that older individuals are shopping for extra remaining expense insurance coverage or making extra use of complete life to function a car for paying for long-term care.
Age breakouts: Right here’s what occurred to exercise for every age group between June 2023 and the most recent month:
- Ages 0-30: -4.7%
- Ages 31-40: -8.1%
- Ages 51-60: -9.4%
- Ages 61-70: -4%
- Ages 71 and older: +3.4%
Protection prices: Policygenius, an internet dealer, creates month-to-month worth charts based mostly on the costs that time period life issuers supply Policygenius prospects.
