Massachusetts-based, MIB Group has published its May MIB Life Index figures for Canada, showing that application activity fell 4.9 per cent, month-over-month when compared to April 2024 figures. That said, year-over-year activity continued to climb – in the double digits for clients over age 61.
“Canadian life insurance application activity saw growth of 6.5 per cent year-over-year in May 2024 compared to May 2023,” they write. Year-to-date application activity was also up 8.5 per cent. Year-over-year, by age band, they say applications for those under age 30 grew 4.5 per cent, application activity for clients between the ages of 31 and 50 increased two per cent and also increased 3.4 per cent for those between ages 51 and 60. Notably, over age 61, for clients between 61 and 70 years of age application activity jumped 23.5 per cent; over age 71 that number increased to 59.8 per cent.
Universal life products
Without providing specific numbers, MIB says where a product type was submitted, universal life products saw double-digit year-over-year growth in May, whole life applications grew and term life applications declined. “Universal life saw year-over-year growth for all age bands, in the double digits for ages 31 to 70 and in the triple digits for ages 71+,” they state. “Term life saw year-over-year declines for all age bands, in the double digits for ages 71+.”
The firm adds that approximately 34 per cent of the Life Index volume did not include a product type. These applications were counted as life insurance applications in the composite index. “Missing product type information can have a significant impact on the Canadian analysis. Growth varies when looking solely at submission identified as life insurance products, with activity up 11 per cent year-over-year for Canada in May 2024 and up 11.6 per cent, year-to-date.”
