Overall, Canadian life insurance application activity grew 3.8 per cent year-over-year, 5.5 per cent year-to-date and 6.9 per cent month-over-month in February 2025, according to Massachusetts-based, MIB Group Inc.
However, application activity among older clients has flattened out and whole life application activity was also flat during the month.
When looking solely at submissions identified as life insurance products only (32 per cent of MIB Group’s monthly MIB Life Index volume in Canada did not include a product type in the underlying data), activity in Canada in February 2025 is up 2.5 per cent year-over-year and 5.3 per cent, year-to-date.
Broken down by age bands, year-over-year application activity grew among those between zero and 60 years of age; activity was flat among applicants between 61 and 70 years of age and application activity declined for those over age 71. Applications for the smallest face amounts – up to and including $250,000 – declined during the period while year-over-year all other face amounts grew, in the double digits for amounts over $1-million, up to and including $5-million.
Where a product type was submitted to MIB, term life and universal life application activity grew year-over-year in February. By age, term life applications grew for all ages between zero and 60 and over age 71. Universal life applications similarly dropped off after age 71 and whole life saw growth only among those between ages 31 and 60, declining across all other age groups, in the double digits for those over age 61.
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