Medical Information Bureau (MIB) is a firm that gathers data on the submission of all life insurance policies by participating carriers. Their index indicated a overall reduction of 3.9%on life insurance applications. Applications received from proposed insureds (PI's) aged 0-44 were down -7.2%, PI's aged 45-59 were down -3.1%, and for the first time this year PI's in the 60+ age group reduced to single digit growth vs. a consistent trend in past months of double digit growth. Compared to 2009 trends, these numbers are atypically low for the summer months.
Amrita LS index reflected a reduction in policy transactions as well. A decline of 14.3% over the prior month. Following on the heels of two prior months reflecting sharp gains-so what happened? The potential reasons given were inconsistent buying power - access to capital and reflection of an unbalanced recovery between funding sources and providers.
It appears that the struggling economic recovery continues to haunt all industries, including ours, and we will most likely continue to see a year of inconsistent numbers. A challenging reality!
"Our imagination is the only limit to what we can hope to have in the future"
-Charles F. Kettering
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Contact Traci Davis (Founder/Chief UW/Philospher)
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