Insurance Q&A

October 8, 2009

With age comes wisdom

Filed under: Uncategorized — rrroark @ 7:14 pm

U.S. life insurers received fewer requests for individual coverage from young applicants in September than they did in September 2007, but activity for older applicants was stronger.

The MIB Group Inc., Braintree, Mass., has published data supporting that finding in an analysis of North American life insurers’ use of MIB databases to check individually underwritten life applications.

Overall U.S. activity volume increased 1.8%, and that monthly year-over-year gain is just the second MIB has recorded since early 2006.

Activity volume fell 1.2% for applicants ages 0 to 44, but activity for applicants ages 60 and older soared 13.8%.

For most of the past year, volume for applicants ages 45 to 59 has been down or up less than 1%, but activity for the 45-59 age group increased 2.7% in September.

U.S. life insurers received fewer requests for individual coverage from young applicants in September than they did in September 2007, but activity for older applicants was stronger.

The MIB Group Inc., Braintree, Mass., has published data supporting that finding in an analysis of North American life insurers’ use of MIB databases to check individually underwritten life applications.

Overall U.S. activity volume increased 1.8%, and that monthly year-over-year gain is just the second MIB has recorded since early 2006.

Activity volume fell 1.2% for applicants ages 0 to 44, but activity for applicants ages 60 and older soared 13.8%.

For most of the past year, volume for applicants ages 45 to 59 has been down or up less than 1%, but activity for the 45-59 age group increased 2.7% in September.

The MIB Group is normally called the Medical Information Bureau when you are asked to sign a release when you apply for health or life insurance. You may request a copy of your file by following the instructions found here.

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