The March 2025 edition of the MIB Life Index from MIB Group shows life insurance application activity in Canada was higher again during that month and during the first quarter of 2025 relative to previous years’ activity.
Year-over-year, March 2025 applications were up 8.4 per cent when compared to March 2024 figures. It is the highest year-over-year growth for the month of March on record, say MIB’s researchers. When looking at submissions that are strictly identified as life insurance products (not every submission includes a product type), March 2025 applications were up 11.3 per cent.
They also say Canadian life insurance application activity ended the first quarter of 2025 up 6.5 per cent year-to-date, a continuation of a growth trend MIB says has been in place since the first quarter in 2023. Quarterly, when looking at submissions expressly identified as applications for life insurance, this figure climbs to 7.3 per cent.
“Additionally, activity for Q1-2025 was up seven per cent when compared to the previous quarter,” they write in the MIB Life Index report, Canadian Life Insurance Application Activity Shows Growth in Q1-2025. This advance is a pattern they say is consistent with seasonal trends.
In March, year-over-year, and in the first quarter of the year when compared to the first quarter of 2024, all age bands saw growth, they add. “It is interesting to note that activity for ages 51+ has shown consistent quarterly growth since Q2-2023. Additionally, Q1-2025 saw growth across all age groups compared with Q4-2024, with double-digit growth for ages 61+.”
Small face amounts less popular
In looking at products and age bands, only applications for those between zero and 30 declined for amounts up to and including $250,000. Similarly, activity was flat for amounts up to and including $250,000 among those between 31 and 50 years of age and also flat for amounts between $250,000 and $500,000 among those ages 61 to 70.
For March 2025, year-over-year term life applications were up 12.1 per cent, universal life was up 19.2 per cent and the number of whole life applications rose five per cent. Comparing the first quarter to the first quarter of 2024, term life applications increased 8.1 per cent, the number of universal life applications rose 12.6 per cent and whole life was up 2.7 per cent. “Universal life in Canada has consistently show quarterly growth since Q1-2022,” they write.
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