Applications for life insurance in North America declined 1.9% in July compared to the same period last year, but were only slightly lower than June’s trend-breaking rise in application volume.

In the U.S., application activity declined by 1.4% year-over-year; in Canada activity declined by 5.8% according to the MIB Life Index.

Growth in the 60+ age group remained strong, evidenced by this past month marking the highest recorded July value of the MIB Life Index for this segment.

In the U.S., the 60+ age group increased 14% year-over-year, posting its second consecutive month of double-digit increases. Year-to-date, the age 60+ age group in North America is up over 4% while the 45-59 and the 0-44 age groups are off by 2% and almost 8% respectively.

“Over the past five years, the summer drop-off between June and July in the U.S. typically ranges from 1% -16%,” states Stacy Gill, vice president and chief knowledge officer at the MIB Group’s e-Services Corp. “This year’s June to July drop in the U.S. was less than 1%, suggesting further erosion in life insurance activity has not occurred.”