April applications for life insurance in North America declined 9.1% year-over year. That’s the sharpest one-month decline in the MIB Life Index since February 2001.

U.S. activity was off 9.6%, marking the seventh consecutive month of diminished activity, with Canadian applications declining 4.9% compared to the same period last year. With the April declines, Canada has given back all 2003 year-to-date gains in application volume when compared to the same period last year.

According to The MIB Life Index, U.S. life insurance applications over the last 12 months in the 60+ age group have consistently outpaced the age 0-59 age group based on year-over-year comparisons. Notably, April 2003 finds both age groups in decline with the 60+ age group off 3.18%, and the 0-59 age group declining 10.22% compared to the same period last year.

“The prolonged weak economy continues to challenge the life insurance industry. Application activity is down across the board in all age groups for both the U.S. and Canada; an event not observed in the past 25 months,” said Stacy Gill, vice resident and chief knowledge officer at the MIB Group’s e-Services Corporation.