More people turn to life insurance in November

The number of people buying life insurance policies jumped in November, MIB Group data shows

North American life insurance policy purchases increased 3.9 percent year-on-year, data from insurance company coalition MIB Group shows.

In the U.S., life insurance purchases were up 4.1 percent from November 2008. The upswing was driven by a surge in purchases among older people: the 45- to 59-year-old group saw activity increase 6.7 percent and the 60-and-up group bought 18.8 percent more policies than they had a year ago.

Increased life insurance purchases among older Americans is a trend that started earlier in 2009. For nine of the last 10 months, MIB said, insurance purchases among Americans 60 and older saw double-digit increases from 2008.

Versus the previous month, too, life insurance applications were up. In the U.S., they increased 1.2 percent from October's figure. More people may be realizing that life insurance is stable, safe and often necessary, particularly if a person has beneficiaries who depend on him. "It is clear [that] consumers are recovering their interest in the benefits available from life insurance," noted Stacy Gill, MIB Solutions' vice president of actuarial and statistical research.

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Posted: December 16, 2009

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