Life insurance application activity ends 2025 with record growth, MIB reports

U.S. life insurance application activity finished 2025 with record-breaking growth of 6.8% compared with 2024, representing the highest annual growth rate on record, the MIB Index reported.

The data represents a 6.7% increase over 2023 and 9.8% over 2022, while also achieving the highest total volume of annual application activity seen in the last 10 years. December also saw a record-breaking month, achieving the highest year-over-year [YOY] growth rate and highest total volume of activity for any December on record, and ending up 22.1% compared to December 2024.

The year began with fluctuating growth patterns, including flat activity in January, declines in February, growth in March and flat activity again in April, MIB reported. However, starting in May, the remainder of 2025 showed continuous YOY growth. October and September also posted double-digit growth, up 15.2% and 14% respectively, creating a strong finish to 2025.

All age bands saw growth in 2025, with growth rates increasing as age increases, and achieving double-digit growth for ages 61+. Activity for ages 0-30 was up 1.6%, ages 31-50 up 4.4%, ages 51-60 up 6.1%, ages 61-70 up 14.6%, and ages 71+ up 32.8%. When looking back at monthly YOY patterns by age band, ages 71+ led in growth for all 12 months, in the double digits for all months except February, MIB said.

Among the other age groups, the first half of 2025 saw fluctuating patterns. However, a trend emerged as of June that continued through the remainder of 2025, with YOY growth consistently increasing as age increased. Additionally, as of June, ages 31+ consistently showed growth, in the double digits for ages 61+, while growth for ages 0-30 continued to fluctuate.

Based on information where face amount was reported to MIB by our members, all face amounts saw growth in 2025, with double-digit growth for amounts over $250,000 up to and including $2.5 million and for amounts over $5 million, and triple-digit growth for amounts over $2.5 million up to and including $5 million.

When adding age bands to our analysis, ages 0-30 saw growth for all face amounts, in the double digits for amounts over $250,000 up to and including $2.5 million and over $5 million, and triple-digit growth for amounts over $2.5 million up to and including $5 million.

Ages 31-50 saw growth for amounts over $250,000, in the double digits for amounts over $500,000 up to and including $2.5 million and over $5 million, and triple-digit growth for amounts over $2.5 million up to and including $5 million, and flat activity for amounts up to and including $250,000.

Ages 51-60 saw growth for all face amounts, in the double digits for amounts over $250,000 up to and including $2.5 million and over $5 million, and triple-digit growth for amounts over $2.5 million up to and including $5 million. Ages 61-70 saw double-digit growth for all face amounts. Ages 71+ saw growth for all amounts, in the double digits for amounts up to and including $2.5 million and over $5 million.

Based on information where product type was reported to MIB by our members, all product types saw growth in 2025, with double-digit growth for term life and whole life. Term Life was up 17.5%, Whole life was up of 15.8%, and universal life was up 9.4%.

When breaking down activity by product type into age bands, Term life saw growth for all age bands, in the double digits for ages 31-70 and in the triple digits for ages 71+. Whole life saw growth for ages 31+, in the double digits for ages 61+, and flat activity for ages 0-30. Universal life saw growth for all age groups, in the double digit for ages 51+.