Consumers 71 and older continued to purchase more insurance than any other age group
Consumer applications for life insurance in the United States decreased 7.7% year over year in July, according to a report on activity from MIB Group that was made public last week.
Activity was flat compared to July 2020, when a coronavirus-related increase occurred, and was down 13% from that month. This could mean that policy purchases are back to more-or-less typical levels.
Applications decreased by 6.3% from a year earlier and were flat for the two years prior, following a similar pattern for the entire year. According to MIB Group, the decrease in activity in July over June was 7.3% and was consistent with seasonal averages.
While younger applicants' purchases decreased, those made by consumers 71 and older continued to surpass all other age groups, growing by 1.3% in July.
Read more: How can you use life insurance to grow and protect wealth?
The report found that all other face amounts decreased for the year through July, except for face amounts of more than US$5 million, which remained steady.
While all face sums experienced decreases year over year, those of US$5 million and more plunged by double digits.
Consumers 71 and older increased their face amounts up to US$250,000 in July, while all other categories went through double-digit reductions.
All product categories showed year-over-year drops in activity in July, with term life seeing a 6% decline, universal experiencing a 5.6% decline, and whole experiencing a 16.2% decline.
