Applications for universal life insurance, the main type of insurance seen in the life settlement market, continued their recent decline in October, posting a -19.4% year-on-year decline, according to the latest MIB Life Index.
Term life insurance application activity was up +13.0% year-on-year, while whole life was down -2.0%. Term life saw YOY growth for all ages, in the double digits for ages 0-50 and 61 plus, whilst whole life saw growth for ages 0-30 and double-digit growth for ages 71 plus and saw declines for ages 31-70.
Universal life saw double-digit declines for all ages bands and has not seen year-on-year growth since November 2023.