U.S. life insurance application activity saw growth in July 2024 compared to July 2023, with Year-over-Year (YOY) activity up +9.3%. On a Year-to-Date (YTD) basis, activity through July 2024 was also at growth at +1.7% compared to July 2023. When comparing July 2024 to the same month in prior years, YTD activity was up +5.4% compared to 2022 and flat at -1.2% compared to 2021. On a Month-over-Month (MOM) basis, July 2024 was up +3.0% compared to June 2024.

For July 2024, all age bands saw YOY growth, in the double digits for ages 61+. July YOY activity for ages 0-30 was up +8.7%, ages 31-50 up +9.4%, ages 51-60 up +6.0%, ages 61-70 up +10.2%, and ages 71+ up +18.8%.

When examining YOY activity for July 2024 by face amounts, we saw YOY double-digit growth for all face amounts. When including age bands, ages 0-30 saw growth for amounts up to and including $250K, double-digit growth for amounts over $250K up to and including $5M, and declines for amounts over $5M. Ages 31-50 saw growth for all face amounts, in the double digits for amounts over $250K. Ages 51-60 saw growth for all face amounts, in the double digits for amounts over $250K up to and including $5M. Ages 61+ saw growth across all face amounts, in the double digits for amounts up to and including $5M. Ages 71+ saw double digit growth for amounts up to and including $5M and triple digit growth for amounts over $5M.

July 2024 saw double-digit YOY growth in Term Life and Whole Life, and double-digit declines for Universal Life. Term Life was up +18.0% YOY, Whole Life was up +15.9%, and Universal Life was down -25.6%. Term Life saw YOY growth for all age bands, in the double digits for ages 0-70. Whole Life saw growth for all age bands, in the double digits for ages 51+. Universal Life saw double-digit declines for all ages bands.