U.S. life insurance application activity declined in February 2025 compared to February 2024, with Year-over-Year (YOY) activity down -2.1%. However, on a Year-to-Date (YTD) basis, activity remains flat at -0.3%. When comparing February 2025 to the same month in prior years, YOY activity was up +1.5% compared to 2023 and up +4.5% compared to 2022.

Ages 71+ saw YOY growth in February 2025, while ages 0-30 saw flat activity, and ages 31-70 saw declines. February YOY activity for ages 0-30 was flat at -1.3%, ages 31-50 down -2.0%, ages 51-60 down -6.3%, ages 61-70 down -2.2%, and ages 71+ up +7.0%. On a Year-to-Date (YTD) basis, activity through February 2025 saw growth for ages 0-30 and 71+, flat activity for ages 31-50 and 61-70 and declines for ages 51-60.

February 2025 saw YOY growth across all face amounts, in the double digits for amounts over $250K. February YOY activity was up +8.3% for amounts up to and including $250K, up 16.4% for amounts over $250K up to and including $500K, up +26.2% for amounts over $500K up to and including $2.5M, up +25.8% for amounts over $2.5M up to and including $5M, and up +20.3% for amounts over $5M. When including age bands, all age band and face amount combinations saw growth. Ages 0-70 saw double-digit growth for amounts over $250K and ages 71+ saw double-digit growth for all face amounts.

February 2025 saw double-digit YOY growth in Term Life, flat activity in Whole Life, and double-digit declines for Universal Life. Term Life was up +13.3% YOY, Whole Life was flat at -1.0%, and Universal Life was down -18.5%. As we have reported previously, it is interesting to note that Universal Life has not seen YOY growth since November of 2023 and Term Life has shown consistent YOY growth since July 2024. Term Life saw YOY double-digit growth for all age bands in February. Whole Life saw double-digit YOY growth for ages 71+, flat activity for ages 0-30 and ages 61-70, and declines for all other age bands, with double-digit declines for ages 51-60. Universal Life saw YOY declines for all age bands, in the double digits for ages 31+.

Note: All analysis is based on data as reported to MIB by our members.