MIB Life Index

U.S. Life Insurance Activity Continues to Decline in April but Remains above YTD Figures for 2020 and 2019, Reports the MIB Life Index

Double-digit declines across ages 0-70

May 9, 2022

U.S. life insurance application activity declined in April 2022 compared to April 2021, with Year-over-Year (YOY) activity down -11.7%. However, this YOY comparison was impacted, in part, by record-breaking growth seen in April of 2021. When taking a longer-term lookback and comparing April 2022 activity to the same month in 2020 and 2019, activity was down -2.3% and -5.8%, respectively. On a Year-to-Date (YTD) basis, activity through April 2022 was down -7.1% vs April 2021. Again, these results are impacted, in part, by record-breaking YTD activity last year. When taking a historical lookback, April 2022 YTD growth was up +2.4% compared to April 2020 and +2.9% compared to April 2019.

Months TrailingAge Groups Trailing

Ages 71+ saw flat activity YOY at -1.3% in April, while all other age bands saw double-digit declines. Ages 0-30 was down -14.1%, ages 31-50 down -11.9%, ages 51-60 down -11.6% and ages 61-70 down -11.2%. It is interesting to note that the age 71+ age band has consistently outpaced the other age bands in activity growth since the beginning of Q4-2021.

Activity for face amounts over $5M saw flat YOY activity, while face amounts up to and including $5M saw YOY declines, in the double digits for amounts up to and including $250K.

When examining age bands, YOY activity for ages 0-30 saw growth for face amounts over $1M up to and including $2.5M, double-digit growth for amounts over $5M, and declines for all other face amounts, in the double digits for amounts up to and including $250K. Ages 31-50 saw YOY declines across all face amount, in the double digits for amounts up to and including $500K. Ages 51-60 saw flat YOY activity for amounts over $5M, and declines for all other categories, in the double digits for amounts up to and including $500K. Ages 61-70 saw YOY growth for amounts over $2.5M, in the double digits for amounts over $5M, and declining activity for all other face amounts, in the double digits for amounts over $250K up to and including $2.5M. Ages 71+ saw double-digit YOY growth for face amounts over $5M, flat activity for amounts up to and including $250K, and declining activity for all other categories, in the double digits for amounts over $250K up to and including $500K.

April 2022 saw declining activity across all product types with Term Life down -12.3%, Universal Life down -6.6%, and Whole Life down -21.1%. All three-product types saw declining activity across all age bands, in the double digits for Term Life and for ages 0-70 for Whole Life.

Monthly Percent ChangeMonthly Percent Change Age

MIB Life Index
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