Life Insurance Application Volume Continues to Grow

Those obstacles now seem to have eased: Application activity for consumers ages 71 and older grew more than activity for any other age group that MIB tracks.

Here are the age-group activity figures for April:

  • Ages 0-30: Up 15.4%
  • Ages 31-50: Up 6.1%
  • Ages 51-60: Up 10.4%
  • Ages 61-70: Up 15.0%
  • Ages 71 and Older: Up 20.4%

For consumers ages 71 and older, application activity for universal life was especially strong, MIB says.

For most age groups, application activity for term life held steady, or rose or fell by less than 3.5%. For all age groups, activity for whole life and universal life increased by 10% or more.

Policygenius Price Index

Policygenius, a New York-based insurance web broker, uses term life price data from the insurers that sell through its site to create monthly term life price index reports.

The lowest price in the tables, for a 25-year-old female nonsmoker seeking $250,000 in coverage, is $14.23 per month — down 2 cents per month from the lowest rate given in the tables in early April.

The highest price in the tables, for a 55-year-old male smoker seeking $1 million in coverage, is $1,043.16 per month, or 2 cents more than in April.

The ratio between the highest premium in the tables and the lowest held steady at 73.2.

(Image: Bram Janssens/Thinkstock)

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