WESTWOOD, MA.--North American life insurance application activity declined 4.6% in November year-over-year according to the MIB Life IndexSM, marking 2003's ninth month of decline. Application activity in the U.S. and Canada decreased 3.6% and 11% respectively when compared to November 2002 levels. Year-to-date (YTD) results reflect continued downward pressure on life insurance applications with U.S. activity declining 4.9% YTD and Canadian activity declining 1.8% YTD versus the same period, prior year.
Applications in the 60+ age group showed mixed results across North America for the first time in more than a year; yet they continue to outpace all other age demographics. In the U.S., applications in the 60+ group increased 6% year-over-year, with YTD activity up 5% over the first eleven months of 2002. Conversely, Canadian activity in the 60+ segment was off a modest 2.6% in November compared to the same period last year. This may be attributable to this November having one less business day than the comparable period, November 2002.
MIB Life Index
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