Applications for individually underwritten life insurance in North America declined in March, according to data released Friday.
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Application activity fell 5.8% last month, compared with the year earlier. The MIB Life Index was affected most by a 7.2% year-over-year decline in U.S. applications. By contrast, Canada had a 6% increase.
The Westwood, Mass., research firm said previous year-to-date gains were eroded by the March declines. For the first quarter, North American life insurance applications were down 1.5%. The March declines were relatively evenly distributed across age groups: 7% for those from birth to age 44, 7.4% for those 45 to 59 years old, and 7.6% for those 60 or older.
