U.S. Life Insurance Activity Returns to Pre-Pandemic Growth Reports the MIB Life Index

Under 60 age group drives growth

Braintree, MA. (October 8, 2020) — Ending Q3 at a 4.0% growth rate YTD, U.S. life insurance application activity has returned to pre-pandemic normal levels, according to the MIB Life Index. Q3 experienced the largest QOQ gain since 2011 at 9.2%, driven primarily by 12.8% growth in 0-44 age group and 9.2% growth in 45-59 age group.
Life Index Chart
Following record growth in July and August, September experienced the largest YOY gain since 2011 at 4.4% with MOM activity from August to September relatively flat (up 0.4%).




Life Index Chart








Growth patterns have been consistent in Q3 as the under 44 age group continues to drive growth. In contrast, the over 60 age group has continued to show minor declines since the beginning of the COVID-19 pandemic, with the exception of a leap in July that transcended all age groups. September's YOY application activity for ages 0-44 was up 7.2%, ages 45-59 up 4.6% while ages 60+ was off -2.5%.

MIB’s Chief Operating Officer presented the industry’s results for the first two quarters of 2020 in the MIB Life Index At The Half video. Login to the Enhanced Life Index Portal to download our 2019 MIB Life Index Annual Report at no charge or register to view the entire archive at www.mibsolutions.com/regLI.



Monthly Percent Change
Composite Index
(year-over-year)

Sep-20 4.4%
Aug-20 9.1%
Jul-20 14.1%
Jun-20 1.2%
May-20 5.2%
Apr-20 -3.0%
Mar-20 -2.2%
Feb-20 5.6%
Jan-20 2.5%
   
YTD - 2020
4.4%
Annual - 2019
0.4%
   
Q3-2020
9.2%
Q2-2020
1.0%
Q1-2020
1.8%
Q4-2019
1.3%
Q3-2019
-0.3%



U.S. Monthly Percent
Change
vs Prior Month


September

0.4%


% Change
Age Groups
(year-over-year)




0-44



45-59



60+
Sep-20
7.2%
4.6%
-2.5%
Aug-20
12.4%
10.1%
-0.3%
Jul-20
18.9%
12.9%
4.0%
Jun-20
3.7%
1.3%
-5.5%
May-20
7.1%
6.9%
-1.9%
Apr-20
-0.7%
-2.4%
-9.7%
Mar-20
0.3%
-4.2%
-6.2%
Feb-20
7.0%
2.6%
6.4%
Jan-20
3.4%
0.1%
3.4%
 
 
 
 
YTD 2020
6.4%
3.3%
-1.4%





Monthly Percent Change
Composite Index
(year-over-year)

Sep-20 4.4%
Aug-20 9.1%
Jul-20 14.1%
Jun-20 1.2%
May-20 5.2%
Apr-20 -3.0%
Mar-20 -2.2%
Feb-20 5.6%
Jan-20 2.5%
   
YTD - 2020
Annual - 2019
4.0%
0.4%
   
Q3 - 2020 9.2%
Q2 - 2020 1.0%
Q1 - 2020 1.8%
Q4 - 2019 1.3%
Q3 - 2019 -0.3%

 


U.S. Monthly Percent
Change
vs Prior Month


September

0.4%

% Change
Age Groups
(year-over-year)




0-44



45-59



60+
Sep - 20
7.2%
4.6%
-2.5%
Aug - 20
12.4%
10.1%
-0.3%
Jul - 20
18.9%
12.9%
4.0%
Jun - 20
3.7%
1.3%
-5.5%
May - 20
7.1%
6.9%
-1.9%
Apr - 20
-0.7%
-2.4%
-9.7%
Mar - 20
0.3%
-4.2%
-6.2%
Feb - 20
7.0%
2.6%
6.4%
Jan - 20
3.4%
0.1%
3.4%
 
 
 
 
YTD 2020
6.4%
3.3%
-1.4%

 

 

 

 

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