U.S. Life Insurance Application Activity Marks Four Consecutive Months of Double-Digit Growth in May 2026

U.S. life insurance application activity saw the fourth consecutive month of double-digit Year-over-Year (YOY) growth in May 2026, with activity up +10.0% compared to May of 2025, and representing the highest YOY growth rate for any May on record. When comparing May 2026 to the same month in prior years, activity was up +13.0% compared to 2024, and up +12.2% compared to 2023. On a Year-to-Date basis (YTD), activity shows double-digit growth of +14.4%. On a Month-over-Month (MOM) basis, May 2026 was down -11.4% compared to April 2026, following strong results in April and a normal seasonal decline regularly observed in May.

⁠Ages 30+ saw YOY growth in May 2026, in the double digits for ages 50+, while ages 0-29 saw declines. Activity for ages 0-29 was down -3.3%, ages 30-39 up +2.2%, ages 40-49 up +8.8%, ages 50-59 up +17.5%, ages 60-69 up +20.2%, and ages 70+ up +33.8%. On a Year-to-Date (YTD) basis, ages 30+ are at growth, in the double digits for ages 40+, while ages 0-29 show flat activity. It is interesting to note the continuing pattern seen throughout 2026 where YOY and YTD growth increase as age increases.

Based on information reported to MIB by our members, all face amounts from $1 up to but not including $5M saw YOY growth in May 2026, in the double digits for amounts from $100K up to but not including $250K, and for amounts from $1M up to but not including $5M, while amounts $5M and over saw flat activity.

When including age bands, ages 0-29 saw growth for face amounts $500K and over, in the double digits for amounts $2.5M and over, and declines for amounts from $1 up to but not including $500K, in the double digits for amounts from $1 up to but not including $100K. Ages 30-39 saw growth for face amounts $1M and over, in the double digits for amounts from $2.5M up to but not including $5M, flat activity for amounts from $100K up to but not including $1M, and double-digit declines for amounts from $1 up to but not including $100K. Ages 40-49 saw growth for face amounts $100K and over, in the double digits for amounts from $1M up to but not including $5M, and declines for amounts from $1 up to but not including $100K. Ages 50-59 saw growth for face amounts from $1 up to but not including $5M, in the double digits for amounts from $100K up to but not including $500K and from $1M up to but not including $5M, and flat activity for amounts $5M and over. Ages 60-69 saw double-digit growth for amounts from $1 up to but not including $5M, and double-digit declines for amounts $5M and over. Ages 70+ saw growth for amounts from $1 up to but not including $2.5M, in the double digits for amounts from $1 up to but not including $100K, from $250K up to but not including $500K, and for amounts from $1M up to but not including $2.5M, in the triple digits for amounts from $100K up to but not including $250K, and double-digit declines for amounts $2.5M and over.

Based on information reported to MIB by our members, May 2026 saw YOY growth across all product types, in the double digits for Term Life and Whole Life. Term Life was up +21.1% YOY, Whole Life was up +15.0%, and Universal Life was up at +2.8%. Term Life saw YOY growth across all age bands, in the double digits for ages 40-69 and in the triple digits for ages 70+. Whole Life saw YOY growth for ages 40+, in the double digits for ages 50+, and declines for ages 0-39. Universal Life saw YOY growth for ages 40-69, in the double digits for ages 50-69, flat activity for ages 70+, and declines for ages 0-39.

Methodology Change for 2026:

MIB has revised our methodology to fine tune our age and face amount bands to better meet industry needs, while also incorporating more precise filtering to isolate new business application activity and define applicant country. Please see the main MIB Life Index page on our website for details on our methodology change. All historical data in this report has been restated based on our new methodology, however, historical reports archived on our website reflect the methodology in place at the time of publication.