New, high-tech marketing and underwriting programs might be getting more consumers interested in term life insurance.
U.S. application activity for term life policies was 13% higher in February than in February 2024, according to MIB Group.
Whole life activity fell 1%, and universal life activity dropped 18%.
"Universal life has not seen [year-over-year] growth since November of 2023, and term life has shown consistent YOY growth since July 2024," MIB says.
MIB helps life insurers share some of the information used in underwriting. It bases application activity reports on its own application-checking processing volume.
What it means: Consumers may be focusing more on maximizing death benefits when they shop for coverage and less on using life insurance to fund planning strategies tied to increases in policy value.
Age breakouts: Here's what happened to activity for each age group between February 2024 and the latest month:
◆ Ages 0-30: -1.3%
◆ Ages 31-40: -2%
◆ Ages 51-60: -6.3%
◆ Ages 61-70: -2.2%
◆ Ages 71 and older: +7%
Credit: Tadamichi/Adobe Stock
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