Advisors in the United States are doing a good job of selling life insurance to younger people.
The Medical Information Bureau (MIB) which measures application activity for individually underwritten life insurance in the United States, has released its Life Index results for October. Demand for coverage was up by 3.5% year-over-year, and across all age groups.
Once again it was life insurance applications from the age 0 to 44 group that led the way, which were up by 5.6% in October. This is the seventh consecutive month that this demographic has posted gains, recording increases of more than 5% in five of the last ten months. Year-to-date, the number of applications for insurance from this age group is up by 3.7%.
"This shift may reflect life insurers' efforts in executing their marketing strategies to Millennials and Gen Xers," comments Stacy Gill, executive vice president at the MIB Group.