US life insurance application activity was flat in May 2024 compared to May 2023, with Year-over-Year (YOY) activity at -0.6%, according to the latest MIB Life Index.
Notable this month is that when examining YOY activity for May 2024 by face amount, there was double-digit YOY growth for amounts over $500k, and flat activity for amounts up to and including $500k.
May 2024 saw double-digit YOY growth in activity for Whole Life (up +12.5%), declines for Term Life (-1.9%) and double-digit declines for Universal Life (down -20.8%).
Universal Life, the type of policy most commonly seen in the life settlement market, saw declines for all age bands, and in the double digits for ages 31+.