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When looking at trends in face amounts by gender, we saw a significant difference in activity for females vs males for policies over $1M. We also examined activity by gender and observed that annual YOY growth in application activity for males slightly outpaced that for females. Growth patterns were consistent across age groups with growth percentages highest for Whole Life, followed by Universal Life and flat or declining for Term Life. Term Life annual YOY application activity was relatively flat at -0.1%. When examining product types, 2021 saw annual YOY growth in Universal and Whole Life of +3.0% and +8.3% respectively. Ages 71+ saw annual YOY growth for amounts up to and including $250K and over $500K up to and including $5M, in the double digits for amounts over $2.5M up to and including $5M, but double-digit declining activity for face amounts over $5M.
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Age 61-70 saw annual YOY growth for face amounts up to and including $250K and over $1M, in the double digits for amounts over $2.5M. Ages 51-60 saw annual YOY growth for all amounts, in the double digits for amounts over $5M. Ages 31-50 saw annual YOY growth for amounts up to and including $250K and over $500K, in the double digits for policies over $5M. When examining age bands, annual YOY activity for ages 0-30 showed growth for face amounts up to and including $5M, in the double digits for policies over $1M up to and including $2.5M. In a continuing trend that started last year, we saw the most growth in larger face amounts. Growth in 2021 was driven by increases in activity across face amounts up to and including $250K and over $500K. However, as of April the 71+ age band began to outpace the younger set and, with the exception of September, showed the highest YOY gain across all age bands for the remainder of the year.ĮXPLAINER: What Twitter could do as privately held company Throughout the year we saw several shifts in trends by age band. This growth pattern is in contrast to 2020 where age 31-50 lead in YOY growth, but the 71+ age group experienced declines. Note, YOY declines in July and December can be attributed to record breaking high activity during those months in 2020.Īctivity for all ages showed annual YOY growth for 2021, with the most growth coming from the 31-50 and 71+ age bands. August through November experienced growth or flat activity, while December ended the year at a decline. May and June saw flat activity, followed by a decline in July.
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YOY comparisons are impacted by fluctuations in 2020 activity due to COVID however, when comparing 2021 results to 2019, the industry was up +7.4%.Ģ021 started strong with growth in the first four months, including the strongest YOY growth for the months of February, March and April on record. Following record breaking YOY growth in 2020 of +3.9%, 2021 achieved the second highest YOY annual growth rate on record.
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MIB Life Index, representing the second consecutive year of growth. life insurance application activity finished 2021 with annual Year-over-Year (YOY) growth up +3.4%, according to the U.S. MIB Life Index YOY % Gain/Loss - 12 Months TrailingīRAINTREE, Mass., Jan.