The latest Canadian MIB Life Index from Massachusetts-based MIB Group Inc. shows record-breaking growth in application activity in 2025. Year-to-date application activity rose 6.4 per cent when compared to the same period in 2024, a 13.7 per cent increase over activity reported in 2023 and a 20 per cent increase in activity reported in 2022.
“Activity in 2025 saw year-over-year growth for all months, in the double digits in September and December and peaking in December at 14.4 per cent. Additionally, in 2025, March, September and December all achieved the highest growth rate on record when compared to year-over-year growth for the same month in prior years,” the latest Canadian report from MIB states.
In 2025, activity ended in year-to-date growth for those over age 31, in the double digits for those over age 61. Application activity declined for those under 30: Application activity was down 3.3 per cent in those age bands, while application activity jumped a notable 25.1 per cent for those between 61 and 70 and spiked 42.1 per cent among those over age 71.
A dramatic acceleration
“Notably, the final quarter saw a dramatic acceleration in year-over-year growth for the older cohorts, contrasting with the younger groups which remained flat or negative,” they write.
The firm told the Insurance Portal that growth in application activity for those over age 61 was largely focused on the lowest face amounts, up to and including $250,000. By product type, the applications were largely driven by demand for universal life.
Where a product type was reported to MIB, term life was up 7.4 per cent, universal life rose 32.2 per cent and whole life grew by 13.4 per cent. Whole life applications made up 26.5 per cent of all life insurance application activity, term life 23.9 per cent and universal life 22 per cent.
The firm notes that 28 per cent of the life index volume for Canada did not include a product type. “We believe the vast majority of these submissions are for life insurance and have included them in the composite analysis,” they write. “When looking solely at submissions identified as for life insurance products, December 2025 activity for Canada, year-over-year, was up 33.1 per cent,” they add. “2025 finished year-to-date growth at 16.3 per cent when compared to 2024.”
