North American applications for individually underwritten life insurance increased 2% in January, year- over-year, according to the MIB Life Index.
This marks the index’s first year-over-year increase in 12 consecutive months. It was also the first time in four years where January’s application activity was greater than the prior December’s application volume.
In the US, January’s application activity was up 2.7% year-over-year, all ages combined. Increases were observed across all age groups: 0-44, up 2.2%; 45-59, up 4.7%; and 60+, up 0.6% as compared to January 2005. January 2006 activity in ages 60+ showed a 7.8% increase relative to December 2005. January ’06-to-December ’05 changes for ages 0-44 and 45-59 were up 1.1% and 4.6%, respectively.
In Canada, January’s application activity was down 4% year-over-year, all ages combined standing in contrast to January 2005’s slight +0.8% increase versus January 2004. January 2006 applications by age group varied significantly from the US: 0-44, down 5.6%; 45-59, down 3.2%; and 60+, up 8.3% as compared to January 2005. January 2006-to-December 2005 changes for all age groups were down across the board: 0-44 (-6.9%), 45-59 (-5.7%) and 60+ (-6.1%).