It was a notable month of positive application activity in Canada in April 2024, with all measures recorded by Massachusetts-based MIB Group growing during the month.

Most notable might be the year-over-year application activity figures for clients over age 71. These applications jumped 103.4 per cent. Activity for those up to age 30 rose 17.8 per cent year-over-year, ages 31 to 50 saw a 16.5 per cent jump, ages 51 to 60 gained 21.2 per cent and ages 61 to 70 increased 39.9 per cent year-over-year during the month.

Double-digit growth 

“Canadian life insurance application activity achieved double-digit growth of 22.1 per cent year-over-year in April 2024,” the firm writes. Year-to-date application activity grew 9.1 per cent. Similarly, on a month-over-month basis, application activity was up nine per cent.

Application activity grew for all face amounts and across all products. “When examining activity patterns where a product type was submitted to MIB, all product types saw double-digit growth year-over-year in April 2024,” the monthly MIB Life Index report states. “About 34 per cent of total life index volume for Canada in April 2024 did not include a product type. We believe the vast majority of these submissions are for life insurance applications and have included them in the composite analysis.” 

When looking solely at submissions specifically identified as being for life insurance products, activity was up 25.8 per cent year-over-year and 11.7 per cent, year-to-date.