Study: Life Insurance Purchasers Unprecedentedly Older

The demographics of consumers who buy life insurance have shifted considerably, with purchases at older ages now surpassing overall demand for life insurance in the United States. This shift has prompted insurers to seek more information about the aging population, and thus, in the second Tillinghast Older Age Mortality Study, the Tillinghast insurance consulting practice of Towers Perrin addresses the need for experience data based on older ages and provides new insights for insurers.

The study includes data from 29 life insurance companies from 2003 to 2005. According to Michael Taht, Principal at Towers Perrin, "From 2000 to 2005, there has been a $6.6 billion increase in exposures in the TOAMS studies at issue ages 75 and above, which reflects an overwhelming increase in sales activity at the very high issue ages. In fact, for some companies, sales at issue ages over 70 represent 30 percent of all universal life premiums sold--a statistic unheard of five years ago."

The study is designed to include data and analysis that give insurers the tools they need to appropriately address trends in life expectancy, changes in underwriting, and adjustments in product offering, pricing, and expansion.

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