Number of life insurance applications written falls 2%

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Life insurance applications filed in September fell 2%, compared to the same period last year, according to the monthly MIB Life Index.

Third-quarter activity fell 2.6% from the same quarter last year, signaling the end to the upward trend from September 2009 through January.

Sales have fallen by 1.% for January through September, after a year-to-date increase of 1.2% in January, the index indicated.

September did outshine August, with a 9.7% increase, which is typical for that two-month period.

In September, applications from people 0-44 were down 5.5%; ages 45-59 fell slightly, at 0.2%. Ages 60 and up continued to be the bright spot, with application activity up 8.7% over September 2009.

Two other trends were evident. In the 45-59 market, applications written were flat for the second straight month, after up-and-down months all year.

Also, growth in the 60 and above age group has tempered from double-digit gains in May, posting its fourth straight single-digit increase in September, according to the index.

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