The life insurance application activity for last year finished slightly above the 2010 level, spurred in part by 5.8% year-over-year growth in December.
The number of individually underwritten life insurance applications filed rose 1.6% in October, compared to the same period last year, according to the monthly MIB Life Index.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.