Although the month was flat, application activity among all clients, across all age bands grew year-to-date in November 2024, according to the Massachusetts-based, MIB Group.
In their monthly MIB Life Index for Canada, they say life application activity grew 3.2 per cent year-over-year in November and 6.3 per cent, year-to-date at the end of that month. When looking solely at submissions identified as those for life insurance products (about 33 per cent of the index volume in November did not include a product type), activity was up 5.2 per cent year-over-year and 7.5 per cent, year-to-date.
November 2024 activity grew among all age groups except for those between ages 51 and 60. “It is interesting to note that the 71+ age band has shown double or triple year-over-year growth each month from April 2023 to October 2024. However, the rate of growth has been decreasing each month and November 2024 marks the first time since April 2023 that growth has fallen to single digits for this age band,” they write. “On a year-to-date basis, all age bands saw growth in Canada through November 2024.” Despite this, on a month-over-month basis, activity declined 1.4 per cent when compared to October 2024 application activity.
Smaller face amounts
Applications for smaller face amounts, those under $250,000, declined while all other face amounts grew. When examining patterns where a product type was submitted, they say universal life saw double digit year-over-year growth in November, term life applications increased and whole life product application levels were flat.
“Universal life saw year-over-year growth for all age bands, in the double digits for ages zero to 50. Term life saw growth for ages zero to 50 and 61+, in the double digits for 71+, and declines for ages 51 to 60. Whole life saw growth for ages 31 to 50, flat activity for ages zero to 30 and declines for ages 51+, in the double digits for ages 71+,” they conclude.
