U.S. Life Activity Rises, for Most Age Groups
What it means: The numbers suggest that, in October, clients and life insurers may have had a wide range of ideas about the best way to move forward.
Age breakouts: Here are the MIB year-over-year activity change figures for October, broken down by age group.:
Ages 0-30: +5.8%
Ages 31-50: +5.3%
Ages 51-60: -3.6%
Ages 61-70: +0.6%
Ages 71 and older: +9.1%
Premiums: Policygenius, a web broker, compiles term life price index tables based on the rates offered by the insurers on its provider menu.
The prices in the index tables range from the average monthly premiums for a 25-year-old female nonsmoker who needs $250,000 in death benefits up to the average monthly premiums for a 55-year-old male smoker who needs $1 million in death benefits.
This month, the cost for the 25-year-old female nonsmoker seeking $250,000 in coverage was $14.59, up from $14.20 in November 2022.
The cost for the 55-year-old male smoker seeking $1 million in coverage fell to $1,006.88, from $1,011.93.
Credit: Adobe Stock
