Canadian life insurance application activity continues to grow steadily, according to Massachusetts-based MIB Group, authors of the MIB Life Index.

They say April 2025 application activity grew 2.8 per cent, year-over-year, continuing a pattern of consistent growth since September 2024. Year-to-date, activity through April 2025 is also up 5.5 per cent when compared to April 2024. Month-over-month, April figures are 3.4 per cent higher when compared to March 2025 application activity.

As usual, they say about 33 per cent of the total life index volume for Canada does not include a product type. When looking solely at submissions identified as life insurance products, activity is up 5.1 per cent, year-over-year and up 6.8 per cent, year-to-date.

Notable for the month, however, is the fact that application activity grew in all age categories – except for those under age 30. Under 30, only universal life application activity increased.

“It is interesting to note that ages 0-30 has seen a decreasing pattern of year-over-year growth since December 2024, ending April as the only age band at a decline,” they write. “On a year-to-date basis, all age bands saw growth through April 2025.” 

Broken down, applications for the under 30 group declined for face amounts up to and including $250,000 while activity was flat for amounts between $250,000 and $500,000. Applications from the cohort for face amounts over $500,000, up to and including $5-million grew – in the double digits for amounts between $1-million and $5-million. Finally, applications for amounts over $5-million recorded double digit declines for the age group.

Overall, however, April saw year-over-year growth for amounts over $250,000, in the double digits for amounts over $1-million, up to and including $5-million. The number of overall applications for small face amounts – up to and including $250,000 was flat.

Where product types were submitted to MIB, universal life products enjoyed double digit growth in application activity, whole life activity increased and term life applications were flat.

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