Life insurance application activity in the United States is now available from Massachusetts-based MIB Group. In its most recent report, the company says U.S. life insurance application activity was up 1.8 per cent year-over-year in August 2023, and up 3.4 per cent, year-to-date.
When comparing August 2023 to the same month in prior years, they add that activity was down 3.2 per cent compared to 2021, up 2.1 per cent compared to 2020 and up six per cent when compared to 2019 figures. Similarly, year-to-date historical activity found August 2023 numbers down 2.9 per cent when compared to 2021, up 2.3 per cent relative to 2020 application activity and up 5.5 per cent when compared to 2019 numbers.
They add that double digit growth was seen for amounts over $250,000, while applications for policies with face amounts up to and including $250,000 saw declines.
“When including age bands, ages zero to 30 saw growth for all face amounts, with double-digit growth for amounts over $500,000. Ages 31 to 50 saw flat activity for amounts up to and including $250,000 and growth for all other face amounts, in the double digits for amounts over $500,000. Ages 51+ saw declines for amounts up to and including $250,000 and double-digit growth for all other face amounts,” they write.
Term life application activity was flat, universal life application activity grew and whole life application activity declined. “Specifically, term life was flat at -0.1 per cent, universal life was up 4.5 per cent and whole life down two per cent,” they add. “It is interesting to note that universal life has consistently outpaced the other two product types in year-over-year growth since November 2022.”
