The latest MIB Group report on the Canadian MIB Life Index shows life insurance application activity ended the third quarter of 2024 up six per cent, year-to-date and up 6.3 per cent year-over-year in September when comparing the month to September 2023.

Quarterly, activity in the third quarter of 2024 was down 4.4 per cent when compared to the second quarter of 2024, but on a quarterly basis, Q3 2024 was up 4.8 per cent when compared to the same quarter in 2023.

Growth in all age bands 

“September saw year-over-year growth in all age bands, in the double digits for ages 61+,” the life index authors state. Applications for coverage over $5-million saw the most growth year-over-year. When comparing the quarter to the same quarter in 2023, applications for face amounts over $5-million declined.

“Year-to-date activity through Q3-2024 compared to Q3-2023, saw double-digit growth for face amounts up to and including $250,000, flat activity for amounts over $250,000, up to and including $500,000, and declines for amounts over $500,000,” they add.

Where a product type was submitted to MIB, universal life application activity was up 6.1 per cent year-over-year in September, whole life was up 2.1 per cent and term life was up 7.4 per cent.

“When looking solely at submissions identified as for life insurance products (about 33 per cent of the index volume were applications where a product type was not specified), we saw higher growth trends with activity up 4.9 per cent in September year-over-year, up 4.3 per cent when comparing Q3-2024 to Q3-2023 and up 7.7 per cent year-to-date,” they conclude.