New research from the MIB Group, the MIB Life Index shows that application activity, month-over-month, declined 3.9 per cent when compared to April 2025 figures. Despite this, year-over-year and year-to-date activity continued to grow when compared to 2024.
Year-over-year activity was up four per cent and year-to-date activity also grew 5.2 per cent when compared to May 2024 figures. When looking solely at submissions identified as life insurance products (about 31 per cent of the total life index volume for Canada in May did not include a product type), activity is up 8.2 per cent year-over-year and 7.1 per cent, year-to-date.
Across age bands, activity was down 1.9 per cent for applications for those between ages zero and 30. Applications in all other age brackets were higher during the month, in the double digits for those over age 61: Applications for those between 61 and 70 were up 11.5 per cent while ages 71+ jumped a notable 20.4 per cent.
“It is interesting to note the fluctuating patterns for ages 71+ over the last six months, with year-over-year comparisons ranging from -2.8 per cent in December 2024 to 20.4 per cent in May 2025,” they write.
Application activity grew for all face amounts, in the double digits for policies between $500,000 and $5-million. Where a product type was submitted to MIB, universal life policy applications grew in the double digits, term life grew and whole life activity was flat.
