MIB: Life insurance applications growing so far in 2010
May 18, 2010, 03:31 pm
A recent report from the MIB Group showed that on a year-to-date basis, life insurance applications are up 0.6 percent this year.
However, on a year over year basis, April saw life insurance applications for individually underwritten polices decline 1.4 percent. The group's Life Index has experienced increases in seven of the last nine months.
When comparing April to March, applications declined 8 percent. However, MIB said this is consistent with seasonal patterns seen between the two months.
The greatest decline based on age groups for life insurance applications was seen by those under 44, which saw a 4.6 percent drop in the month. People 45 to 59 had applications fall 0.8 percent, while consumers over 60 saw them increase 10.5 percent on a year-over-year basis.
Experts note that those who are considering a life insurance policies should keep their specific needs in mind before making a purchase. For example, term policies are better served for covering things like a college education or home payments. Consumers who have already passed these stages of life may consider whole life policies instead, though they can be more expensive.
Are you covered? Are you overpaying? Find out! Get a Quote Now!
| 
