U.S. individual life insurance application activity continued to increase in February, and activity growth for applicants under 30 was especially strong, according to new MIB Group data.
The insurance data-sharing consortium saw the number of applications flowing through its application-checking systems increase 3.0% from the number recorded in February 2022.
Activity for consumers under 30 was up 8.9%, and activity for term life policies — which help consumers who are focusing on maximizing the amount of death benefits per premium dollar — was up. That compares with a year-over-year increase of 14.1% in January.
Overall activity was down from a year-over-year increase of 8.6% in January, but it’s up from a decrease of 4.3% in 2022.
The Age Breakdown
Here are the activity change figures, for February, for applicants in five different age groups:
- Ages zero-30: +8.9%
- Ages 31-50: +4.8%
- Ages 51-60: -2.3 %
- Ages 61-70: -3.6%
- Ages 71 and older: -1.0%
The Policygenius Price Index
In the index report tables, the broker posts average monthly premium prices for clients who buy 20-year, level-premium term life coverage.
The most affordable coverage in the tables is for a 25-year-old female nonsmoker who needs $250,000 in death benefits, and the most expensive coverage is for a 55-year-old male smoker who needs $1 million in death benefits.
This month, the cost for the 25-year-old female nonsmoker seeking $250,000 in coverage increased 1% from the average for March 2022, to $14.40.
The cost of coverage for the 55-year-old male smoker seeking $1 million in coverage, fell 1.3%, to $1,006.92, from $1,019.92.