Universal life insurance policy application activity was yet again lower in March when compared to the prior year, seeing an 8.7% reduction compared to 2023, according to the latest MIB Life Index.
Term Life, however, was up +20.0%, and Whole Life was up +2.7%. Additionally, when comparing Q1-2025 to Q1-2024, Term saw double-digit growth, Whole Life saw flat activity, and Universal Life showed a double-digit decline. Universal Life saw declines for all age bands, in the double digit for ages 31+.
US life insurance application activity in aggregate ended Q1 2025 flat at +0.8% year-to-date, with activity in March up +2.9% year-over-year. When comparing activity through Q1-2025 YTD to prior years, activity was flat at +1.1% compared to 2023 and was up +6.0% compared to 2022.