February 5, 2024
U.S. life insurance application activity saw growth in January 2024 compared to January 2023, with Year-over-Year (YOY) activity up +4.7%, achieving the highest overall activity for any January on record. When comparing January 2024 to the same month in 2022, activity was up +13.7% and compared to 2021 was up +8.3%. On a Month-over-Month (MOM) basis, January 2024 was up +14.7% compared to December 2023, in a double-digit MOM growth pattern similar to last year in 2023, but outpacing January MOM results in years prior.
For January 2024, ages 0-60 and ages 71+ saw YOY growth and ages 61-70 saw flat activity. January YOY activity for ages 0-30 was up +1.8%, ages 31-50 up +8.6%, ages 51-60 up +1.7%, ages 61-70 flat at +0.6%, and ages 71+ up 5.6%. Worth of noting, ages 31-50 outpaced all other ages groups in YOY growth, representing a shift from patterns seen since October 2023 when ages 71+ led growth.
When examining YOY activity for January 2024 by face amounts, we saw 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 $500K, and declines for amounts up to and including $250K. Ages 51-70 saw double-digit growth for amounts over $250K and declines for amounts up to and including $250k. Ages 71+ saw growth across all face amounts, in the double digits for amounts over $250K up to and including $2.5M as well as for amounts over $5M.
January 2024 saw YOY growth in Term Life and Whole Life, and flat activity for Universal Life. Term Life was up +9.7%, Whole Life was up +4.2%, and Universal Life was flat at -0.3%. Term Life saw YOY growth for ages 0-60, in the double digits for ages 31-60, and declining activity for ages 61+, in the double digits for ages 71+. Whole Life saw double-digit YOY growth for ages 61+, flat activity for ages 31-60, and declines for ages 0-30. Universal Life saw flat activity YOY for ages 0-30, growth for ages 31-50 and declines for ages 51+, 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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