More Consumers Filled Out Life Insurance Applications in 2010

While there was still a decline in numbers for 2010, life insurance application activity in 2010 dropped 1.2 percent last year, compared to drops of more than 3 percent for the previous three years.

The numbers come from a recent report from MIB Life Index, which also showed that Q4 saw an overall increase of 9.4 percent over the previous year’s third quarter.

A spokesperson for the company noted that last year’s modest drop indicates resilience in the markets when compared to the past. It was also noted that the last six quarters have shed the recession-period figures, although the second, third and fourth quarters of last year indicate small overall declines.

The MIB life Index indicates that interest in life insurance products has increased, following the major hit the sector suffered since 2006.

With interest rates down and individuals worried regarding the stability of the financial markets dating back to the financial crisis of 2008, life insurance has garnered more attraction.

December of 2010 revealed a 1.4 percent drop compared to the same month the previous year. Q4 in 2010 indicated a gain of more than 11 percent in applications filed by applicants in the 45-59 age groups. Those late-year increases compensated losses in the age group’s application activity in the previous three quarters of last year.

Following five years of declining applications, those in the 45-59 groups saw their numbers increase 1.8 percent in 2010. The age group demonstrated increases in Q1 (up 2%) and Q4 (11.4%), but fell in Q2 (- 9.9%) and Q3 (- 3.7%), as the index noted.

Applicants age 60 and older keep driving the life insurance market, however at a “somewhat diminished pace,” according to MIB.

For December 2010, those up to age 44 demonstrated a 4.4 percent decline compared to the previous year. Meantime, ages 45-59 were stagnant, dropping a slight 0.1 percent.

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