In June 2026, all life insurance product types saw double-digit year-over-year growth in application activity according to the latest reading of the MIB Life Index, from MIB Group Inc. More, application activity set year-over-year records for the month, for the second quarter of the year and for the full half year which ended in June.
Overall life insurance application activity ended the first half of 2026 up 15.1 per cent, “the highest year-to-date growth rate and highest total application activity at mid-year on record,” the firm’s researchers write. MIB first began publishing its Canadian life index in 2018.
“June 2026 also achieved record-breaking year-over-year results, up 21.4 per cent compared to June 2025, representing the strongest results for the month of June on record.” Similarly, activity during the second quarter of 2026 was the highest of any second quarter on record, coming in at 15.2 per cent.
From one quarter to the next in 2026, activity was flat at -1.4 per cent when compared to the previous quarter this year. MIB says this is consistent with seasonal trends.
By product type, term life was up 30 per cent, year-over-year in June 2026, universal life jumped 57.7 per cent and whole life was up 15.2 per cent. Comparing quarters, in the second quarter of 2026 term life was up 25.2 per cent when compared to the same period in 2025. Universal life was up 52.3 per cent and whole life applications increased 14.4 per cent.
Notably, the firm says the first half of 2026 saw a consistent pattern of monthly year-over-year growth in application activity which increases as age bands increased. The trend was also reflected in 2026 quarterly comparisons and year-to-date results.
“When including age bands in our comparison of Q2-2026 activity to Q2-2025, term life saw double-digit growth for all ages, universal life saw double-digit growth for ages 40 to 69, triple-digit growth for ages 70+ and declines for ages zero to 39. Whole life saw double-digit growth for all ages,” they write.
