Life Insurance Application Flow Slows Again

The group draws the application statistics from its own application flow records.

Here are the activity change figures, for September, for applicants in five different age groups:

Ages zero-30: -6.3%
Ages 31-50: -11.2%
Ages 51-60: -7.7%
Ages 61-70: -2.0%
Ages 71 and older: -0.5%

Here’s how activity changed for three different types of life insurance products:

Term life: -7.6%
Universal life: -6.5%
Whole life: -10.9%

The Policygenius Price Index

Policygenius, a web broker, 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 $14.20, from $14.21 in September.

The highest price, for the 55-year-old male smoker seeking $1 million in coverage, fell to $1,011.93, from $1,015.76 in September.

(Image: Shutterstock)