MIB Index reports life insurance application growth in May
Life insurance application activity showed positive growth in May, the MIB Life Index reported Thursday, up 1.6% year-over-year.
When comparing May 2025 to the same month in prior years, activity was up 1% compared to 2023 and up 8.6% compared to 2022. On a year-to-date basis, activity through May 2025 was flat at +0.9% compared to May 2024. On a month-over-month basis, May 2025 was down 4.3% compared to April 2025.
An age group breakdown yielded several interesting trends to watch, MIB reported in a news release.
Ages 71+ saw a surge in growth throughout 2025, achieving the third consecutive month of double-digit year-over-year growth in May. Ages 61+ saw year-over-year growth in May, while ages 31-60 saw flat activity and ages 0-30 saw declines.
May year-over-year activity was down 3.6% for ages 0-30, up 1.1% for ages 31-50, down 0.1% for ages 51-60, up 5.9% for ages 61-70, and up 22.2% for ages 71+. On a year-to-date basis, activity through May 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, May 2025 saw year-over-year growth for all face amounts, in the double digits for amounts over $250,000 up to and including $2.5 million and amounts over $5 million, and in the triple digits for amounts over $2.5 million up to and including $5 million.
Sales by age bands
When including age bands, ages 0-30 saw year-over-year growth for amounts over $250,000 up to and including $5 million, in the double digits for amounts over $250,000 up to and including $1 million, and in the triple digits for amounts over $2.5 million up to and including $5 million, flat activity for amounts up to and including $250,000, and declines for amounts over $5 million.
Ages 31-50 saw year-over-year growth for amounts over $250,000, in the 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, and flat activity for amounts up to and including $250,000.
Ages 51-60 saw double-digit growth for amounts over $250,000 up to and including $500,000, amounts over $1 million up to and including $2.5 million and over $5 million, triple-digit growth for amounts over $2.5 million up to and including $5 million, flat activity for amounts up to and including $250,000 and double-digit declines for amounts over $500,000 up to and including $1 million.
Ages 61-70 saw growth for amounts up to and including $250,000, double-digit growth for amounts over $250,000 up to and including $500,000 and over $1 million, while declines for amounts over $500,000 up to and including $1 million. Ages 71+ saw growth across all face amounts, in the double digits for amounts up to and including $1 million as well as for amounts over $2.5 million.
"It is important to understand, when considering these figures, that applications for face amounts up to and including $250,000 represent almost 60% of total U.S. applications," MIB said in the release. "As such a relatively small change in total applications for higher face amount bands can drive a reasonably large [year-over-year percent] change, especially when breaking activity down by age band as well as face amount."
May 2025 saw year-over-year growth for whole life and double-digit growth for term life and universal life. Term life was up 17.7%, universal life was up 10.7%, and whole life was up 5.1%. May represents the first time universal life has seen growth since November of 2023. Term life saw year-over-year growth for all age bands, in the double digits for ages 31+. Universal life saw growth for ages 0-30, double-digit growth for ages 51+, and flat activity year-over-year for ages 31-50. Whole life saw double-digit year-over-year growth for ages 61+, and declines for ages 0-60.
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