March 5, 2024
U.S. life insurance application activity continued to grow in February 2024, with Year-over-Year (YOY) activity up +3.7% compared to February 2023. When comparing February 2024 to the same month in prior years, activity was up +6.8% compared to 2022 and up +2.7% compared to 2021. On a Year-to-Date (YTD) basis, activity through February 2024 was up +4.2% compared to February 2023. On a Month-over-Month (MOM) basis, February 2024 was flat at +0.4% compared to January 2024.
For February 2024, ages 0-50 and ages 61+ saw YOY growth and ages 51-60 saw flat activity. February YOY activity for ages 0-30 was up +2.5%, ages 31-50 up +5.8%, ages 51-60 flat at +0.3%, ages 61-70 up +1.6%, and ages 71+ up +8.0%.
When examining YOY activity for February 2024 by face amounts, we saw YOY growth for amounts over $250K, in the double digits for amounts over $500K, while amounts up to and including $250K saw declines. When including age bands, ages 0-30 saw YOY growth for amounts over $250K up to and including $5M, in the double digits for amounts over $500K up to and including $5M, and declines for all other amounts, with double-digit declines for amounts over $5M. Ages 31-50 saw growth for amounts over $250K, in the double digits for amounts over $1M, and declines for amounts up to and including $250K. Ages 51-60 saw double-digit growth for amounts over $250K and declines for amounts up to and including $250K. Ages 61-70 saw double-digit growth for amounts over $250K up to and including $2.5M, growth for amounts over $5M, and declines for all other amounts. Ages 71+ saw flat activity for amounts over $2.5M up to and including $5M, and growth for all other amounts, in the double digits for amounts over $250K up to and including $1M, and in the triple digits for amounts over $5M.
February 2024 saw YOY growth for Term Life and Whole Life and declines for Universal Life. Term Life was up +3.9% YOY, Whole Life was up +5.9%, and Universal Life was down -2.3%. Term Life saw YOY growth for ages 0-60 and double-digit declines for ages 61+. Whole Life saw flat YOY activity for ages 0-30 and 51-60 and growth for all other ages, in the double digits for ages 61+. Universal Life saw YOY growth for ages 31-50 and declines for all other age bands, in the double digits for ages 71+.
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As a supplement to the 2023 MIB Life Index Annual Report, this video provides additional analysis and insights on long term trends observed as of the close of 2023.
As a supplement to the 2023 MIB Life Index Annual Report, this video provides additional analysis and insights on trends at the state and regional level observed as of the close of 2023.
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