October 7, 2024
U.S. life insurance application activity ended Q3-2024 flat at +0.9% Year-to-Date (YTD). When taking a historical lookback, YTD activity through Q3-2024 was up +3.7% compared to 2022 and was down -2.8% compared to 2021. On a Year-over-Year basis (YOY), September 2024 activity was flat at +1.1% compared to September 2023 and activity during Q3-2024 (July through September) was up +1.5% compared to activity during Q3-2023. Additionally, when comparing Q3-2024 to the previous quarter (Q2-2024), activity was down -3.3%, following a seasonal pattern consistent with historical trends.
September 2024 saw YOY growth for ages 0-50 and 71+, and declines for ages 51-70. Ages 0-30 was up +2.6%, ages 31-50 up +2.5%, ages 51-60 down -2.6%, ages 61-70 down -2.3%, and ages 71+ up +2.3%. When comparing Q3-2024 to Q3-2023, ages 0-30 was up +2.5%, ages 31-50 up +2.4%, ages 51-60 down -2.0%, ages 61-70 flat at -0.6%, and ages 71+ up +6.1%. When comparing activity through Q3-2024 YTD to Q3-2023, ages 31-50 and 71+ saw growth, ages 0-30 and 61-70 saw flat activity and ages 51-60 saw YTD declines.
September 2024 saw YOY growth for all face amounts, in the double digits for amounts over $500K up to and including $5M. 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. When comparing Q3-2024 to Q3-2023, all face amounts saw growth, in the double digits for amounts over $250K up to and including $5M. When comparing YTD activity through the end of Q3-2024, amounts over $250K saw growth, in the double digits for amounts over $500K, and amounts up to and including $250K saw declines.
When including age bands comparing Q3-2024 to Q3-2023, ages 0-30 saw double-digit growth for amounts over $250K up to and including $5M, flat activity for amounts up to and including $250K, and double-digit declines for amounts over $5M. Ages 31-50 saw growth for all amounts, in the double digits for amounts over $500K. Ages 51-60 saw growth for all amounts, in the double digits for amounts over $250K up to and including $5M. Ages 61-70 saw growth for all amounts, in the double digits for amounts over $250K. Ages 71+ saw growth for all amounts, in the double digits for amounts over up to and including $250K, amounts over $500K up to and including $1M, and amounts over $2.5M.
When examining product type, September saw growth for Whole Life, double-digit growth for Term Life, and double-digit declines for Universal Life. Whole Life was up +2.6%, Term was up +13.9%, and Universal Life was down -27.1% YOY. It is interesting to note that Universal Life has not seen YOY growth since November of 2023. When comparing Q3-2024 to Q3-2023, patterns were similar with Whole Life at growth of +6.2%, Term Life at double-digit growth of +12.5%, and Universal Life at double-digit declines of -29.3%.
When including age bands and comparing Q3-2024 to Q3-2023, Term Life saw growth for ages 0-70, in the double digits for ages 0-50, and flat activity for ages 71+. Whole Life saw growth for ages 0-50 and ages 61+, in the double digits for ages 71+, and flat activity for ages 51-60. Universal Life saw double-digit declines for all age bands.
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This video provides analysis and insights on long term trends observed through the first half of 2024, based on data within the MIB Life Index.
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