U.S. life insurance application activity surged ahead in November, up 6.0% Y/Y, according to the MIB Life Index. While older age application activity continued its upward trend, it was Millennial and Gen X buyers who showed breakthrough activity, posting significant gains in November Y/Y. The MIB Life Index composite was up 0.7% at November’s close, just one month after peaking above par value (up 0.2% YTD) this past October. November’s composite index value was at a four year high at 112.28, a level not seen for a November since 2015. Notably, November’s application activity soared 11.3% from that of October.
All the MIB Life Index age groups showed growth in November, with life insurance application activity ages 0-44 up 4.6%, ages 45-59 up 7.2%, and ages 60+ up 8.2%. However, November gains only slightly boosted YTD activity for the under age 60 buyers. YTD application activity for ages 0-44 is down -3.2%, ages 45-59 are up 1.3%, and ages 60+ dipped slightly from last month, up 11% for the year.