U.S. life insurance application activity finished 2024 flat at -0.1% year-to-date (YTD) compared with 2023, while remaining at +2.8% above YTD activity for 2022, and down -2.9% compared to 2021. Following fluctuating monthly patterns seen throughout most of 2024, December year-over-year (YOY) activity saw a decline of -7.3% compared to December of 2023.

YOY activity in 2024 fluctuated from a high of +10.3% in April to a low of -7.3% in December with January, February, April and July seeing growth, May, September, October and November seeing flat activity, and March, June, August and December seeing declines. This pattern is in contrast with activity in 2023 which saw YOY growth or flat activity in eleven (11) out of twelve (12) months.

Activity for ages 71+ saw YTD growth in 2024, while ages 0-50 had flat activity, and ages 51-70 saw declines.

Activity for ages 0-30 was flat at +0.6% YTD in 2024, ages 31-50 flat at +0.9%, ages 51-60 down -3.3%, ages 61-70 down -1.9%, and ages 71+ up +3.8%. When looking back on monthly YOY patterns by age band, ages 71+ led in growth for six (6) out of twelve (12) months, including February as well as April through August. However, patterns fluctuated significantly in Q4 2024, with ages 0-30 leading in November and 31-50 leading in October and December, and all age bands ending December on a downward trajectory.

Face amounts over $250K saw growth in 2024 YTD, in the double digits for amounts over $500K, and amounts up to and including $250K saw flat activity. It is important to note MIB is working with our members to improve the consistency of the data reported to us, including face amounts. While these enhancements do not affect aggregate trends, they may impact comparisons by face amount.