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By 
June 06, 2023 at 10:48 AM
Strong consumer and insurer interest in universal life insurance pushed U.S. individual life application activity higher in May, according to new MIB Group data.
The Braintree, Massachusetts-based underwriting services consortium says the number of applications flowing through its systems increased 7.5% between May 2022 and May 2023.
MIB provides separate public data for term life, whole life and universal life.
In May, application activity rose 4.7% for term life, 8.9% for whole life and 13.1% for universal life.
What It Means
Universal life products give consumers the most opportunity to benefit from increases in interest rates or stock prices, and they give life insurers a chance to share some of the risk associated with interest rate and stock price changes with the policyholders.
The strong performance of universal life shows that both life insurers and your clients are searching for a combination of safety and flexibility.
