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Life insurance showed stability in 2011

02/08/12

According to the MIB Life Index, applications for individually underwritten life insurance in the United States showed stability in 2011.

The MIB Life Index has now shown stability three years in a row compared with five years ago, when the industry saw year-over-year decreases.

"The stability that it's shown in this difficult economy bodes well for the industry, as it's an affirmation that people really recognize a need for life insurance," said Lee Oliphant, CEO and president of MIB Group.

A strong December in which figures were up 5.8 percent year-over-year contributed to statistics showing positive numbers. With the number of seniors increasing in the U.S. population, life insurance is expected to continue showing positive numbers, with people age 60 and older increasing 42.2 percent for five straight years.

Results showed that numbers were up 0.2 percent in all age groups. Individuals 44 years old and younger decreased 2.2 percent, those 45 to 59 were flat and 60 and older increased 8.9 percent.

The U.S. insurance industry also added 1,100 jobs in January, which was a .05 percent increase from the previous month, according to the U.S. Bureau of Labor Statistics.

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