The recent decline in applications for universal life insurance policies – the main type of policy seen in the life settlement market – continued in November, posting a decline of -16.5% when compared to November 2023, according to the latest MIB Life Index.
Indeed, the last month in which universal life insurance delivered a year-on-year improvement was November last year, so there has now been a full 12-month cycle of declines.
Term Life was up +7.4% year-on-year and whole life was down -5.7% last month. US life insurance application activity was flat in November 2024 compared to November 2023, with year-over-year activity at -0.7%. On a year-to-date basis, activity through November 2024 was also flat at +0.6% compared to November 2023.