Fewer people applied for life insurance in the United States last year than they did in 2013.
According to the Medical Information Bureau (MIB) Life Index, which measures application activity for individually underwritten life insurance in the United States, the demand for life insurance was 0.6% lower last year than at the end of 2013. However, there was significant improvement in November and December, which saw applications increase by of 5.2% and 2.6% respectively.
“The life insurance industry has recognized the need to develop transformative strategies, products and services that provide value to new and existing customers,” comments MIB CEO Lee Oliphant. “After sluggish sales activity in the beginning of 2014, we saw increasing levels of momentum for the majority of the year and we are hopeful these favorable trends continue into 2015, despite a less than inspiring economy.”
MIB points out that much of the recent growth has been in the age 60 and over demographic, which recorded gains during the last nine consecutive months of 2014.