The July 2025 edition of the MIB Life Index from MIB Group shows life insurance application activity in Canada was up 5.7% during that month, year-over-year (YOY).
Year-to-date, activity through July 2025 was up 5.8% compared to July 2024. Month-over-month, July 2025 activity was down -1.7% compared to June 2025.
Application activity by age group
In July 2025, there was a 4.4% year-over-year decline in application activity for ages 0-30, whereas it rose by 6.4% for ages 31-50.
For ages 51-60, application activity increased 9.3%, while it rose 16.6% for ages 61-70. The eldest age band – 71 and older – saw a jump in application activity of 17.6%, reports MIB.
Face amounts
“July 2025 saw YOY growth for all face amounts up to and including $5M, in the double digits for amounts over $500K up to and including $2.5M, while amounts over $5M saw flat activity,” reports MIB.
When looking at activity where a product type was submitted to MIB, “all product types in Canada saw double-digit growth in July 2025,” says the report.
Product type
When including age bands, Universal Life saw YOY growth in the double digits for ages 31 plus, and Term Life saw YOY growth in the double digits for ages 31-50 and 71 plus. Whole Life experienced growth in the double digits for ages 31-70, and double-digit declines for ages 71 and older.
About 26% of the total Life Index volume for Canada in July 2025 did not include a product type, underlined MIB.
