Canadian life insurance application activity was higher across the board – year-to-date, year-over-year and month-over-month, according to the most recent MIB Life Index report from Massachusetts-based, MIB Group Inc.
They say life insurance application activity overall saw double-digit growth of 12.1 per cent year-over-year in October 2024. Year-to-date activity also grew 6.6 per cent when compared to October 2023 figures. Month-over-month, October applications were 4.9 per cent higher than the number of applications made in September.
“About 35 per cent of the total life index volume for Canada in October 2024 did not include a product type. We believe the vast majority of these submissions are for life insurance applications,” they conclude. “Growth varies when looking solely at submissions identified as life insurance products, with activity up eight per cent year-over-year for Canada in October 2024, and up 7.8 per cent, year-to-date.”
Year-over-year, applications made for those over age 71 increased 17.4 per cent. “It is interesting to note that ages 71+ has shown double or triple digit year-over-year growth each month since April 2023,” they write. Year-to-date, applications for those over age 71 were up 57.1 per cent.
October 2024 saw year-over-year growth for all face amounts. Where a product type was submitted to MIB, applications for all products were higher in October, in the double digits for term life products. Whole life products also grew across all age groups, in the double digits for those over age 31.
