US life insurance application activity saw declines in August 2024 compared to August 2023, with year-over-year (YOY) activity down -5.0%, according to the latest MIB Life Index.
August 2024 saw YOY growth in Term Life (up +6.0%), flat activity in Whole Life (+0.9%), and double-digit declines in Universal Life (down -34.3%).
Term Life saw YOY growth for ages 0-50, flat activity for ages 51-70, and double-dight declines for ages 71+. Whole Life saw growth for ages 61+, in the double digits for ages 71+, flat activity for ages 0-30, and declines for ages 31-60. Universal Life saw double-digit declines for all ages bands.
