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Applications for life insurance increase

Posted On Fri, November 6, 2009

Life insurance has seen gains in America according to a recent report from the MIB Group.

The MIB's Life Index, which measures life insurance applications, increased by 2.2 percent in October when compared to 2008. The index posted a 3.4 percent increase over numbers reported in September.

Life insurance numbers in Canada saw an even greater increase of 3.8 percent when compared to last year. Overall, the number of life insurance applications was up by 2.4 percent in North America on a year-to-year basis.

Regarding age groups, the highest increase in life insurance was seen for people who are 60 or older. That group posted a gain of 17.7 percent. The 45 to 59 age group saw life insurance applications go up by 4.7 percent, while the age group of those 44 and younger saw a 2 percent increase in applications.

As more people in North America get older, the prospect of getting life insurance may be more important. Life insurance can help in a number of ways, including providing for dependents in case the main income earner dies or paying for funeral expenses.

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