Life insurance application growth in the US ended the first half of the year essentially flat, registering an uptick of just +0.6% year to date, according to the latest MIB Life Index report.
Activity in June specifically fell -6.4% year on year but delivered growth for all face amounts over $500,000. Ages 51-60 saw double-digit growth for amounts over $250,000, ages 61-70 saw growth for all face amounts – in the double digits for amounts over $250,000 up to and including $1m and amounts over $2.5m up to and including $5m. Ages 71+ saw double-digit growth for all face amounts.
When examining product type and comparing Q2 2024 to Q2 2023, however, Universal Life saw declines of -18.6%, with double-digit declines across all age bands.