U.S. life insurance application activity was flat in October 2024 compared to October 2023, with Year-over-Year (YOY) activity at -0.8%. On a Year-to-Date (YTD) basis, activity through October 2024 was also flat at +0.7% compared to October 2023. When comparing activity through October 2024 to the same period in prior years, activity was up +3.6% YTD compared to 2022 and down -2.8% YTD compared to 2021. On a Month-over-Month (MOM) basis, October 2024 was up +9.3% compared to September 2024, following a seasonal pattern consistent with long term historical trends.

Ages 31-50 saw YOY growth in October while ages 0-30 saw flat activity and ages 51+ saw declines. October YOY activity for ages 0-30 was flat at -0.6%, ages 31-50 up 1.9%, ages 51-60 down -3.7%, ages 61-70 down -6.0%, and ages 71+ down -2.2%. On a Year-to-Date (YTD) basis, ages 31-50 and ages 71+ saw growth, ages 51-60 saw declines, and other ages bands saw flat activity. October YTD activity for ages 0-30 was flat at +1.2%, ages 31-50 up +1.5%, ages 51-60 down -2.6%, ages 61-70 flat at +0.6%, and ages 71+ up +5.8%.

October 2024 saw YOY growth for all face amounts, in the double digits for amounts over $250K. It is important to note MIB is working with our members to improve the consistency of the data reported to us, including face amounts. While these enhancements do not affect aggregate trends, they may impact YOY comparisons by face amount. On a YTD basis, October 2024 saw growth for face amounts over $250K, in the double digits for amounts over $500k.

When examining YOY activity by face amount and including age bands, ages 0-30 saw growth for amounts up to and including $5M, in the double digits for amounts over $250K up to and including $5M, and double-digit declines for amounts over $5M. Ages 31-50 saw growth for all amounts, in the double digits for amounts over $250K up to and including $5M. Ages 51-70 saw double-digit growth for amounts over $250K, and flat activity 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 $500K as well as for amounts over $1M.

October 2024 saw double-digit YOY growth in Term Life, declines in Whole Life, and double-digit declines in Universal Life. Term Life was up +13.0% YOY, Whole Life was down -2.0%, and Universal Life was down -19.4%. It is interesting to note that Universal Life has not seen YOY growth since November of 2023. Term Life saw YOY growth for all ages, in the double digits for ages 0-50 and 61+. Whole Life saw growth for ages 0-30 and double-digit growth for ages 71+ and saw declines for ages 31-70. Universal Life saw double-digit declines for all ages bands. On a YTD basis, Term and Whole Life are at growth while Universal Life is experiencing double-digit declines in application activity.