Massachusetts-based MIB Group, publisher of the monthly MIB Life Index, released its May 2023 figures showing growth returning to application activity in the United States.
Year-over-year, activity was up 7.5 per cent in May. On a year-to-date basis, activity through May 2023 was up 4.2 per cent compared to May 2022.
Comparatively speaking, year-to-date activity was down 2.1 per cent when compared to 2021 figures, up 6.4 per cent when compared to 2020 year-to-date sales, and up 5.9 per cent when compared to the same period in 2019.
Looking at application activity by age group, they say applications for those up to age 30 grew 9.3 per cent in May, applications for those between 31 and 50 increased 10.7 per cent, while applications for those between 51 and 60 increased 4.7 per cent. Application activity was flat for all ages above 60.
“When examining year-over-year activity by face amounts, declining activity was seen for amounts up to and including $250,000, and all other face amounts saw growth, in the double digits for amounts over $250,000 up to and including $5-million,” they write. “May 2023 saw year-over-year growth for all product types, in the double digits for Universal Life. Specifically, universal life was up 13.1 per cent, term life up 4.7 per cent and whole life up 8.9 per cent. It is interesting to note that universal life has consistently seen year-over-year growth since November 2022.”
