More insurance customers may have realized that life insurance coverage costs less than they thought, as application activity increased marginally in April.
According to LifeHealthPro, life insurance application activity edged northward last month, rising 0.6 percent for all ages when contrasted with the same month in 2011.
The report, which was released by Massachusetts-based firm MIB Group, marks the second straight month in which application activity has improved, but purchases have been fairly slow in comparison to previous months, specifically December through February. Nevertheless, in year-to-date sales, the MIB Life Index has risen 3.3 percent when comparing the first four months of 2012 with the same period last year.
But application activity was mostly found in only certain age groups, specifically those who were 60 and older, LifeHealthPro reports, as purchases jumped by nearly 7 percent year-over-year. Meanwhile, activity among individuals 44 and younger fell 0.8 percent, while applications from the 45-to 59-year-old segment dropped 0.5 percent.
It may be a good idea for insurance agents whose sales have slipped to remind their customers about the value of life insurance and what it can do for them, such as replacing income and covering death-related expenses.