New MIB Life Index data from MIB Group shows Canadian life insurance activity increased for a 12th consecutive month in August 2025. Year-over-year activity was up 3.4 per cent while year to date the number of applications rose 5.5 per cent.
MIB notes that about 23 per cent of the total life index volume in Canada did not include a product type. “We believe the vast majority of these submissions are for life insurance applications and have included them in the composite analysis,” they write. When looking solely at submissions identified as life insurance products, they say activity was up 18.8 per cent year-over-year and 10.9 per cent, year to date.
They add that August 2025 application activity grew in the double digits among clients over age 51 while applications made on behalf of those 50 and under declined.
Application activity was down 8.7 per cent up to age 30 and down 2.4 per cent for ages 31 to 50. Applications for those between 51 and 60 increased 10.3 per cent, rose 31.9 per cent for those between 61 and 70 and jumped a notable 47.7 per cent, year-over-year, for those over age 71.
“August 2025 saw year-over-year growth for all face amounts in the double digits for amounts up to and including $250,000 and amounts over $5-million,” the August 2025 life index report states. “Where a product type was submitted to MIB, all product types saw year-over-year growth in August 2025.”
