The most recent release of the MIB Life Index shows that the applications for life insurance were down slightly in the month of May compared to the same period last year.
The report indicates that the number of applications was 1.3 percent less than it had been the year prior.
That number aside, the numbers in May showed that the overall rates of applications were actually trending upwards. The results from May, which also showed the end of quarter data, indicate a -3.1 percent YTD, which the report says is an improvement over the first quarter which ended at -5.4 percent.
According to the report, the data revealed that there was some discrepancy about the demographics that were applying for life insurance.
“U.S. application activity in May was lower in the two youngest age groups, with the 60+ age group rising slightly: ages 0-44 were off -2.1%, ages 45-59 were off -1.0%, and ages 60+ were up slightly at +0.5%, year-over-year,” the report said. “Ages 60+ have seen more moderate declines with positive application activity in two of the five months in 2014, and four of the twelve months in 2013, year-over-year.”
No matter which demographic you fall into, life insurance is critical to ensuring your own peace of mind, and that of your loved ones. When selecting your life insurance policy, make sure you have a plan that suits your needs and covers you when it counts. If you are interested in researching your options, visit Local Life Agents and check out our buyer’s guide. Our staff can offer life insurance rates online, and help you find the plan you need.