By Life Quotes, Inc. Staff

After experiencing a growth in applications, individually underwritten life insurance policies saw a decline in September, according to the MIB Group.

For all age groups, the number of applications for life insurance policies fell 2 percent on a year-over-year basis in September. However, the month did show a 9.7 percent rise when compared to August, an increase that is typically seen during this season.

Consumers older than 60 continued to lead the charge in applying for life insurance policies. This group saw a 8.7 percent increase on a year-over-year basis. The 45 to 59 age bracket saw no change, while the youngest demographic witnessed a decline of 5.5 percent.

The group said the time between September 2009 and January of this year saw a “burst” in applications for life insurance. Experts note older consumers may be particularly interested in these policies as way to guarantee their family’s assets.

However, a recent survey also showed that younger people are turning to life insurance as a way to guarantee financial security in the coming years. These policies can offer protection by supplying a source of funds should an income earner pass away.