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| July 09, 2009: US individual insurance activity by younger applicants, aged 0-40, continues its downward spiral... Application activity by older applicants, aged 60+ skyrocketing... |
American life insurers received fewer applications for individual coverage by younger applicants in June than they received during the same month in 2008. On the other hand, insurers received correspondingly more applications by older applicants.
In spite of increased replacement activity, driven by declining premium rates over the past 3 years, US individual life application activity has been on the decline, falling in most months since early 2006. Recently, individual life insurance application activity has been especially weak for applicants under age 60.
During June, US individual insurance activity fell by 4% for applicants in the 0-40 age range, but increased slightly - by 0.4% - for applicants aged 45-59. On the positive side, US individual insurance activity rocketed by nearly 12% for applicants above age 60.
E.&O.E.
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