— October 05, 2023—
Published in Resources / Life Index Reports
on mibgroup.com
U.S. Life Insurance Application Activity Flat in Q3-2023, Compared to Q3-2022, But Showing Growth YTD
Continuing a pattern seen throughout 2023, Universal Life lead in YOY growth in September with flat activity of -0.7%. Additionally, Term Life and Whole Life saw declines of -2.8% and -6.3% respectively. When comparing Q3-2023 to Q3-2022, Universal Life saw growth of +3.0%, however Term Life was down -1.6% and Whole Life down -2.7%.
When breaking down the Q3-2023 to Q3-2022 YOY comparison by age bands, Universal Life saw growth for ages 0-30, double-digit growth for ages 31-50, declines for ages 51-70, and double-digit declines for ages 71+. Term Life saw growth for ages 0-30, flat activity for ages 31-50, and declines for all other age bands, with double-digit declines for ages 61+. Whole Life saw flat activity for ages 0-30, growth for ages 31-50, double-digit decline for ages 51-60, declines for ages 61-70, and growth for ages 71+.
The MIB Life Index report, issued monthly, provides insights into trends in application activity for individually underwritten life insurance. The MIB Life Index examines activity levels by age group, product type and face amount, and provides quarterly, monthly, and year-to-date comparisons. Reports are produced separately for both U.S. and Canadian activity.
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