Life Insurance

MIB Life Index

U.S. life insurance application activity continues at growth in February 2024

The latest MIB Life Index Report reveals growth for ages 0-50 and 61+.

March 5, 2024–U.S. life insurance application activity continued to grow in February 2024, with Year-over-Year (YOY) activity up +3.7% compared to February 2023. When comparing February 2024 to the same month in prior years, activity was up +6.8% compared to 2022 and up +2.7% compared to 2021. On a Year-to-Date (YTD) basis, activity through February 2024 was up +4.2% compared to February 2023. On a Month-over-Month (MOM) basis, February 2024 was flat at +0.4% compared to January 2024.

For February 2024, ages 0-50 and ages 61+ saw YOY growth and ages 51-60 saw flat activity. February YOY activity for ages 0-30 was up +2.5%, ages 31-50 up +5.8%, ages 51-60 flat at +0.3%, ages 61-70 up +1.6%, and ages 71+ up +8.0%.

When examining YOY activity for February 2024 by face amounts, we saw YOY growth for amounts over $250K, in the double digits for amounts over $500K, while amounts up to and including $250K saw declines. 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 $500K up to and including $5M, and declines for all other amounts, with double-digit declines for amounts over $5M. Ages 31-50 saw growth for amounts over $250K, in the double digits for amounts over $1M, and declines for amounts up to and including $250K. Ages 51-60 saw double-digit growth for amounts over $250K and declines for amounts up to and including $250K. Ages 61-70 saw double-digit growth for amounts over $250K up to and including $2.5M, growth for amounts over $5M, and declines for all other amounts. Ages 71+ saw flat activity for amounts over $2.5M up to and including $5M, and growth for all other amounts, in the double digits for amounts over $250K up to and including $1M, and in the triple digits for amounts over $5M.

February 2024 saw YOY growth for Term Life and Whole Life and declines for Universal Life. Term Life was up +3.9% YOY, Whole Life was up +5.9%, and Universal Life was down -2.3%. Term Life saw YOY growth for ages 0-60 and double-digit declines for ages 61+. Whole Life saw flat YOY activity for ages 0-30 and 51-60 and growth for all other ages, in the double digits for ages 61+. Universal Life saw YOY growth for ages 31-50 and declines for all other age bands, in the double digits for ages 71+.