MIB Life Index, the life insurance industry's measure of application activity across the US and Canada, has reported that North American application activity for individually underwritten life insurance was down slightly in October by 0.9% year-over-year and year-to-date US and Canadian application activity was down 2.9% compared to the same 10 months in 2006.
US application activity in October was down 1.2% year-over-year, all ages combined. Declining activity was seen in the 0-44 and 45-59 age groups, while the 60+ age group extended a seven month growth trend up 2.3% versus October 2006. Year-to-date (YTD), application activity lags 3.2% behind the same 10 month period last year.
Canadian application activity was up 1.4% in October year-over-year, all ages combined marking its fifth month of consecutive increases. Application activity ages 0-44 was down by 0.5% with solid increases posted in the 45-59 and 60+ age groups, both up 4.5%.
Application activity in the 45-59 age group and the 60+ age group have improved year-over-year for the last seven and five consecutive months, respectively. YTD, Canadian application activity remains level at down 0.5%, compared to the same 10 month period a year ago.