April delivered double-digit growth in US life insurance applications versus the same month last year, according to the latest MIB Life Index.
Year-on-year activity was up +10.3%, the first time since April 2021 that double-digit year-on-year growth has been achieved.
The growth was largely delivered by Term Life and Whole Life policies, which advanced +8.4% and +29.4%, respectively. Applications for Universal Life insurance, the most common type of policy seen in the life settlement market, declined -4.2% last month.
At the cohort level, Universal Life saw growth for ages 31-50, but declines for ages 51+ and 61+.