U.S. Life Application Activity Soars

Another possibility is that increased competition in the life settlement market could be educating older consumers about the marketability of life insurance policies owned by older consumers.

Age breakouts: Here’s what happened to activity for each age group between July 2023 and the latest month:

Ages 0-30: +8.7%
Ages 31-40: +9.4%
Ages 51-60: +6.0%
Ages 61-70: +10.2%
Ages 71 and older: +18.8%

Coverage costs: Policygenius, a web broker, creates monthly price charts based on the prices that term life issuers offer its customers.

The lowest price is for a 25-year-old female nonsmoker who needs $250,000 in death benefits.

The highest price reported both in 2023 and 2024 is for a 55-year-old male smoker who needs $1 million in coverage.

For August, the cost for the young, female nonsmoker with just $250,000 in coverage fell to $14.44, from $14.59 a year earlier.

The cost for a 55-year-old male smoker with a $1 million policy increased to $1,006.89, from $1,006.82.

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