U.S. life insurance application activity was up +3.4% Year-over-Year (YOY) in October 2023 compared to October 2022, following declining Year-over-Year (YOY) activity in September, and ending the month +2.8% Year-to-Date (YTD). When comparing October 2023 to the same month in prior years, activity was down -2.0% compared to 2021, down -3.5% compared to 2020, and flat at -1.0% compared to 2019. When taking a historical lookback on a YTD basis, activity through October 2023 was down -3.5% compared to 2021, flat at +0.7% compared to 2020, and up +4.4% compared to 2019. On a Month-over-Month basis (MOM), October was up +11.4% compared with September, following normal seasonal trends seen prior to the COVID-19 pandemic.

When looking at age bands, October 2023 saw a shift in trends, with YOY activity for ages 71+ returning to growth for the first time since January and outpacing all other age bands. Activity for ages 0-30 was up +5.8%, ages 31-50 up +5.3%, ages 51-60 down -3.6%, ages 61-70 flat at +0.6%, and ages 71+ up +9.1%.

When examining YOY activity by face amount, October 2023 saw flat activity for amounts up to and including $250K and growth for amounts over $250K, in the double digits for amounts over $500K. When including age bands, ages 0-30 saw growth for all face amounts, in the double-digits for amounts over $250K. Ages 31-50 saw flat activity for amounts up to and including $250K, and growth for all other face amounts, in the double digits for amounts over $500K. Ages 51-60 saw declining activity for amounts up to and including $250K, and growth for all other face amounts, in the double digits for amounts over $500K. Ages 61-70 saw flat activity for amounts up to and including $250K, and double-digit growth for all other face amounts. Ages 71+ saw growth for amounts up to and including $250K, double-digit growth for amounts over $250K up to and including $2.5M, and declines for all other amounts, in the double digits for amounts over $5M.

October 2023 saw YOY growth across all product types. Specifically, Term Life was up +2.4%, Universal Life up +1.6%, and Whole Life up +3.8%. This is the first month that Whole Life has led in growth since December 2021.

When examining activity by product type and age band, Term Life saw growth for ages 0-50, flat activity for ages 51-60, and double-digit declines for ages 61+. Universal Life saw growth for ages 0-50, declines for ages 51-70, and flat activity for ages 71+. Whole Life saw declines for ages 51-60, and growth for all other age bands, in the double digits for ages 71+.