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Life Insurance Application Flow Slows Again - ThinkAdvisor

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The group draws the application statistics from its own application flow records.

Here are the activity change figures, for September, for applicants in five different age groups:

  • Ages zero-30: -6.3%
  • Ages 31-50: -11.2%
  • Ages 51-60: -7.7%
  • Ages 61-70: -2.0%
  • Ages 71 and older: -0.5%

Here’s how activity changed for three different types of life insurance products:

  • Term life: -7.6%
  • Universal life: -6.5%
  • Whole life: -10.9%

The Policygenius Price Index

Policygenius, a web broker, has been using pricing information for the 20-year, level-premium term life policies it sells online to provide a monthly term life price index.

The cheapest coverage included is for a 25-year-old female nonsmoker who needs $250,000 in death benefits, and the most expensive is for a 55-year-old male smoker who needs $1 million in death benefits.

This month, the lowest price in the Policygenius price tables, for the 25-year-old female nonsmoker seeking just $250,000 in coverage, fell to $14.20, from $14.21 in September.

The highest price, for the 55-year-old male smoker seeking $1 million in coverage, fell to $1,011.93, from $1,015.76 in September.

(Image: Shutterstock)

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