Significant Growth in Life Insurance Applications for May 2026

In May 2026, the U.S. life insurance sector recorded its fourth consecutive month of double-digit annual growth in application activity, achieving a 10% increase compared to May 2025. This marks the highest growth rate for May on record. Comparatively, there was a 13% increase from May 2024 and a 12.2% rise from May 2023. Year-to-date figures also show a 14.4% growth. However, May 2026 experienced an 11.4% decline from April 2026 due to typical seasonal trends.

Growth patterns across different age groups varied, with substantial increases noted in older demographics. Applications for individuals aged 50 and older rose significantly, while activity for ages 0-29 decreased by 3.3%. Year-to-date data reveals constant activity for the youngest age group, while those aged 30 and older saw marked growth, particularly ages 40 and up. This trend indicates a direct correlation between age and growth patterns in the sector.

According to MIB data, life insurance applications for face amounts below $5 million saw annual growth in May 2026. Growth was particularly strong for face amounts between $100,000 and $250,000, as well as between $1 million and $5 million. However, amounts of $5 million and over remained unchanged. When segmented by age, notably, those under 30 showed growth in applications for face amounts of $500,000 and above, despite declines for amounts below this threshold.

Term Life, Whole Life, and Universal Life products all witnessed increases in activity. Term Life noted the highest rise at 21.1%, followed by Whole Life at 15%, and Universal Life at 2.8%. Term Life applications surged across all age brackets, with the most significant gains in individuals aged 40-69 and even greater increases for those aged 70 and above. Whole Life policies saw increased applications for individuals aged 40 and above, despite declines among the younger population.

The MIB has implemented a revised methodology in 2026, refining age and face amount bands, and applying stringent filters for identifying new policies and applicant origins. Further details about these changes can be found on the MIB website. Historical data has been re-evaluated using this updated methodology, although archived reports on the website remain as originally published.