U.S. life insurance application activity declined in August 2022 compared to August 2021, with Year-over-Year (YOY) activity down -4.9%. However, when comparing August 2022 to the same month in prior years, activity was flat +0.3% compared to 2020 and up +4.1% compared to 2019. On a Year-to-Date (YTD) basis, activity through August 2022 was down -6.1% compared to August 2021. When taking a historical lookback, August 2022 YTD activity was flat compared to August 2020 at -1.1% and up compared to 2019 at +2.0%. On a Month-over-Month (MOM) basis, August 2022 was up +8.9% compared to July 2022, following a normal seasonal trend.

Continuing a pattern seen all year, ages 71+ significantly outpaced all other age bands in growth at +7.7%. Additionally, August saw the first month in 2022 where age 61-70 was also at growth at +1.9%. Activity for all other ages declined, with ages 0-30 down -4.0%, ages 31-50 down -8.8%, and ages 51-60 down -5.4%, respectively.

When examining YOY activity by face amounts, growth was seen for face amount over $1M up to and including $2.5M. Face amounts over $250K up to and including $500K and amounts over $2.5M up to and including $5M saw flat activity and all other face amounts saw declines. On a YTD basis, all face amounts experienced declines in August.

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

August 2022 saw declining YOY activity for all product types with Term Life down -2.1%, Universal Life down -8.5%, and Whole Life down -9.6%. Term Life saw growth for ages 0-30 and ages 71+, declining activity for ages 31-60 and flat activity for ages 61-70. Universal Life saw growth for ages 61+ and declining activity for all other age bands, in the double digits for ages 31-50. Whole Life saw growth for ages 71+ and declining activity for all other age bands, with double-digit declines for ages 0-50.