U.S. life insurance application activity saw growth in May 2025 compared to May 2024, with Year-over-Year (YOY) activity up +1.6%. When comparing May 2025 to the same month in prior years, activity was flat at +1.0% compared to 2023 and up +8.6% compared to 2022. On a Year-to-Date (YTD) basis, activity through May 2025 remained flat at +0.9% compared to May 2024. On a Month-over-Month (MOM) basis, May 2025 was down -4.3% compared to April 2025, following a seasonal pattern regularly seen in May.

Continuing a growth surge seen throughout 2025, ages 71+ saw a third consecutive month of double digit YOY growth in May. Additionally, ages 61+ saw YOY growth, while ages 31-60 saw flat activity and ages 0-30 saw declines. May YOY activity for ages 0-30 was down -3.6%, ages 31-50 flat at +1.1%, ages 51-60 flat -0.1%, ages 61-70 up +5.9%, and ages 71+ up +22.2%. On a Year-to-Date (YTD) basis, activity through May 2025 saw growth for ages 61+, in double digits for ages 71+, flat activity for ages 0-50, and declines for ages 51-60.

Based on data reported to MIB by our members, May 2025 saw YOY growth for all face amounts, in the double digits for amounts over $250K up to and including $2.5M and amounts over $5M, and in the triple digits for amounts over $2.5M up to and including $5M. 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 $250K up to and including $1M, and in the triple digits for amounts over $2.5M up to and including $5M, flat activity for amounts up to and including $250K, and declines for amounts over $5M. Ages 31-50 saw YOY growth for amounts over $250K, in the double digits for amounts over $250K up to and including $1M, and over $5M, and in the triple digits for amounts over $2.5M up to and including $5M, and flat activity for amounts up to and including $250K. Ages 51-60 saw double-digit growth for amounts over $250K up to and including $500K, amounts over $1M up to and including $2.5M and over $5M, triple-digit growth for amounts over $2.5M up to and including $5M, flat activity for amounts up to and including $250K and double-digit declines for amounts over $500K up to and including $1M. Ages 61-70 saw growth for amounts up to and including $250K, double-digit growth for amounts over $250K up to and including $500K and over $1M, while declines for amounts over $500K up to and including $1M. Ages 71+ saw growth across all face amounts, in the double digits for amounts up to and including $1M as well as for amounts over $2.5M. It is important to understand, when considering these figures, that applications for face amounts up to and including $250K represent almost 60% of total US applications. As such a relatively small change in total applications for higher face amount bands can drive a reasonably large YOY% change, especially when breaking activity down by age band as well as face amount.

May 2025 saw YOY growth for Whole Life and double-digit growth for Term Life and Universal Life. Term Life was up +17.7% YOY, Universal Life was up +10.7%, and Whole Life was up +5.1%. It is interesting to note that May represents the first time Universal Life has seen growth since November of 2023. Term Life saw YOY growth for all age bands, in the double digits for ages 31+. Universal Life saw growth for ages 0-30, double-digit growth for ages 51+, and flat activity YOY for ages 31-50. Whole Life saw double-digit YOY growth for ages 61+, and declines for ages 0-60.