Life insurance application activity again flat in April, MIB reports

Life insurance application activity continued its languid pace in April 2025, up just 0.5% over the year-ago month, the MIB Life Index reported Thursday.

When comparing April 2025 to the same month in prior years, activity was up 10.9% compared to 2023 and up 9.3% compared to 2022. On a year-to-date basis, activity through April 2025 was flat at +0.7% compared to April 2024. On a month-over-month basis, April 2025 was down 8.9% compared to March 2025.

An age group breakdown yielded several interesting trends to watch, MIB reported.

Ages 71+ saw a surge in growth throughout 2025, achieving the second consecutive month of double-digit year-over-year growth in April. Additionally, ages 61-70 saw year-over-year growth in April 2025, while ages 31-50 saw flat activity, and all other age bands saw declines.

April year-over-year activity was down 3.2% for ages 0-30, down 0.7% for ages 31-50, down 2.4% for ages 51-60, up 5.9% for ages 61-70, and up 21.2% for ages 71+. On a year-to-date basis, activity through April 2025 saw growth for ages 61+, in double digits for ages 71+, flat activity for ages 0-50, and declines for ages 51-60.

Based on data reported to MIB by its members, April 2025 saw flat activity year-over-year for amounts up to and including $250,000; and growth for amounts over $250,000, in double digits for amounts over $250,000 up to and including $1 million, and over $5 million; and in the triple digits for amounts over $2.5 million up to and including $5 million.

"It is important to understand when considering these figures that applications for face amounts over $2.5 [million] up to and including $5 [million] represent less than 5% of total U.S. applications," MIB said in a news release. "As such, a relatively small change in total applications for this face amount band can drive a reasonably large" change.

Sales by age bands

When including age bands in face amount analysis, ages 0-30 saw double-digit growth for amounts over $250,000 up to and including $2.5 million; triple-digit growth for amounts over $2.5 million up to and including $5 million; and declines for all other amounts, with double-digit declines for amounts over $5 million.

Ages 31-50 saw double-digit growth for amounts over $250,000 up to and including $1 million and amounts over $5 million; triple-digit for amounts over $2.5 million up to and including $5 million; and declines for all other amounts, MIB reported

Ages 51-60 saw double-digit growth for amounts over $250,000 up to and including $500,000, amounts over $1 million up to including $2.5 million, and amounts over $5 million; triple-digit growth for amounts over $2.5 million up to and including $5 million; declines for up to and including $250,000; and flat activity for amounts over $500,000 up to and including $1 million.

Ages 61-70 saw growth for all amounts, in the double digits for amounts over $250,000. Ages 71+ saw growth for all amounts, in the double digits for amounts up to and including $2.5 million and amounts over $5 million.

April 2025 saw double-digit year-over-year growth in term life, and declines for universal life and whole life, MIB reported. Term life was up 17.9% year over year, whole life was down 1.6%, and universal life was down 5.7%.

Universal life has not seen year-over-year growth since November 2023, MIB said. Term life has shown consistent monthly year-over-year growth since July 2024. Term life saw double-digit year-over-year growth for all age bands.

Whole life saw double-digit year-over-year growth for ages 71+, flat activity for ages 61-70, declines for ages 0-60, and in double digits for ages 51-60. Universal life saw year-over-year growth for ages 61+, in the double digits for ages 71+, flat activity for ages 0-30, and declines for ages 31-60, in the double digits for ages 31-50.

This report compiled by InsuranceNewsNet staff.