Life Application Activity Loses COVID-Era Luster
The group uses its own application-checking volume data to create the application activity index. The MIB activity index has been affected dramatically by the start of the COVID-19 pandemic, in early 2020.
The pandemic initially hurt application activity by disrupting the in-person meetings that many insurance agents and brokers had used to take in applications, but pent-up life insurance buying pressure and increased consumer awareness of mortality risk led to increased activity.
The Details
Here are the activity change figures, broken down by age group, for June:
Ages zero-30: -6.8%
Ages 31-50: -6.6%
Ages 51-60: -7.0%
Ages 61-70: -6.0%
Ages 71 and older: +5.4%
The Policygenius Price Index
Policygenius has been using pricing information for the 20-year, level-premium term life policies it sells online to provide a monthly term life price index.
The cheapest coverage included is for a 25-year-old female nonsmoker who needs $250,000 in death benefits, and the most expensive is for a 55-year-old male smoker who needs $1 million in death benefits.
This month, the lowest price in the Policygenius price tables, for the 25-year-old female nonsmoker seeking just $250,000 in coverage, fell to $14.13, from $14.21 in June.
The highest price, for the 55-year-old male smoker seeking $1 million in coverage, held steady at $1,016.10.
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