Life Insurance Activity Up in January

If you have recently purchased a life insurance policy, you are one of the people noted in a recent report the showed that life insurance activity increased in Jan. 2010. According to the report, also known as the MIB Life Index, U.S. application activity for individually underwritten life insurance increased +1.2 percent in January, measured year-over-year (meaning the same time period in the year prior).

Stats from the MIB Life Index

According to the MIB Life Index, January is the sixth consecutive month where year-over-year change has been positive. In fact, this is the longest sustained trend of U.S. increases on record.

What’s interesting about the index is that there were differences in life insurance activity based on age. Check out the following data:

  • Ages 0-44 (-2.5 percent)
  • Ages 45-69 (+2.5 percent)
  • Ages 60+ (+15.2 percent)

The 0-44 age group saw losses; however, this may not be a big surprise. But according to the report, the 45-59 age group, which has mostly experienced losses since 2004, has been seeing an upswing since Jan. 2009.

What the Stats Mean

The stats from the study show that more people are interested in life insurance as a form a financial security for their families. It’s been proven in other recent studies people are conducting more online searches for coverage and Valentines even preferred it for their gift this year.

Much of the change has been credited to the recession and the fear from heads of households that bills will be difficult to maintain without them around.

If you’ve experienced this same concern but have yet to get your own coverage, now’s the time to get your life quote for coverage that could protect your family financially years after you’re gone.