Universal Life insurance applications in the US were down -27.1% year on year in September, according to the latest update from the MIB Life Index.
Universal Life insurance is the most common type seen in the life settlement market, and according to MIB, has not seen year on year growth since November 2023. When comparing Q3 2024 to Q3 2023, Universal Life applications saw double-digit declines of -29.3%.
Overall, US life insurance application activity ended Q3 2024 essentially flat at +0.9% year-to-date. When taking a historical lookback, YTD activity through Q3 2024 was up +3.7% compared to 2022 and was down -2.8% compared to 2021.
On a year-over-year basis, September 2024 activity was +1.1% compared to September 2023 and activity during Q3 2024 (July through September) was up +1.5% compared to activity during Q3 2023.