Canadian life insurance application activity dropped 9.6% year-over-year in January 2022 compared to January 2021, reflecting a continuing pattern of declines that began in July, according to the MIB Life Index. On a month-over-month basis, activity in January 2022 was flat compared to December.
January saw declining activity across all age groups, but the largest drop was for those aged 51-60 where activity was down 9.3 per cent.
Face amounts were also down in January – in the double digits for face amounts over $1 million. Worthy of noting, growth was more than 30 per cent for face amounts over $1 million and up to and including $2.5 million.
Double-digit growth for those 31-50
Ages 31-50 saw double-digit growth for face amounts over $1 million up to and including $5 million and declining activity for all other face amounts. However, ages 51-60 saw double-digit declines for face amounts up to and including $500,000 and growth for all other face amounts, in double digits for face amounts over $500,000.
Ages 71 and over saw growth for face amounts over $250,000 up to and including $500,000 and double-digit growth for face amounts between $1 million and $2.5 million. All other face amounts reflected declining activity.
Universal Life activity grew in January, while Whole Life activity remained flat and Term Life declined.
